Income Disclosure Scheme immunity and search-material requirements barred further share-transaction additions in unabated assessments under section 15...
Toy balloon tariff classification: functional heading prevails over residual rubber and festive article headings, supporting penalties for deliberate ...
Customs valuation using comparable contemporaneous imports can displace declared value, while missing speaking orders require pursuit before competent...
A government communication addresses findings from a performance audit and Public Accounts Committee report highlighting inconsistent treatment of pre-operative expenses in income tax assessments of entertainment sector assessees. It instructs tax authorities to examine expenses segment-wise (e.g., TV, film, events, sports) on a case-by-case basis. Pre-operative expenses must be scrutinized under section 35D of the Income-tax Act. Producers of feature films must file Form 52A with specified details, with possible penalties under section 272A for non-compliance. Expenditure on production and distribution of feature films must be allowed strictly in accordance with Rules 9A and 9B of the Income-tax Rules.
A government communication addresses findings from a performance audit and Public Accounts Committee report highlighting inconsistent treatment of pre-operative expenses in income tax assessments of entertainment sector assessees. It instructs tax authorities to examine expenses segment-wise (e.g., TV, film, events, sports) on a case-by-case basis. Pre-operative expenses must be scrutinized under section 35D of the Income-tax Act. Producers of feature films must file Form 52A with specified details, with possible penalties under section 272A for non-compliance. Expenditure on production and distribution of feature films must be allowed strictly in accordance with Rules 9A and 9B of the Income-tax Rules.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4830 
Join Channel 
