https://www.taxtmi.com/highlights?id=5342 Royalty expenditure - Capital OR Revenue - assessee purchased distribution rights of the Punjabi film - As the AO has ignored the Board Circular No. 92 dated 18.9.1972 pertaining to writing off royalty/distribution expenses of films which is binding on tax authorities thus the action of the AO was based on surmises and conjectures, without considering the nature of business of the assessee which was supported by hyper approach ignoring the Board Circular - AT en-us Fri, 14 Sep 2012 09:28:51 +0530 Fri, 14 Sep 2012 09:28:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=5342 Royalty expenditure - Capital OR Revenue - assessee purchased distribution rights of the Punjabi film - As the AO has ignored the Board Circular No. 92 dated 18.9.1972 pertaining to writing off royalty/distribution expenses of films which is binding on tax authorities thus the action of the AO was based on surmises and conjectures, without considering the nature of business of the assessee which was supported by hyper approach ignoring the Board Circular - AT Highlights Income Tax Fri, 14 Sep 2012 09:28:51 +0530 https://www.taxtmi.com/highlights?id=5342