https://www.taxtmi.com/caselaws?id=65272 The ITAT partially allowed the appeal. It directed that depreciation be allowed on intangible assets, excluding goodwill, recognizing copyrights and telecast rights as depreciable under s. 32(1) of the IT Act. Professional expenses incurred for raising capital were upheld as capital expenditure, not allowable as revenue expenses under s. 37. The ITAT allowed the full deduction of deferred revenue expenditure related to TV serial production, recognizing it as revenue in nature under s. 37(1), despite contrary accounting entries. en-us Fri, 09 Mar 2007 00:00:00 +0530 Wed, 31 Jan 2024 11:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65272 The ITAT partially allowed the appeal. It directed that depreciation be allowed on intangible assets, excluding goodwill, recognizing copyrights and telecast rights as depreciable under s. 32(1) of the IT Act. Professional expenses incurred for raising capital were upheld as capital expenditure, not allowable as revenue expenses under s. 37. The ITAT allowed the full deduction of deferred revenue expenditure related to TV serial production, recognizing it as revenue in nature under s. 37(1), despite contrary accounting entries. Case-Laws Income Tax Fri, 09 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65272