https://www.taxtmi.com/caselaws?id=266979 The tribunal held that the reassessment proceedings initiated under section 147 were invalid as they were based on an audit objection without any new tangible material. The correct method for computing the income from film distribution should follow Rule 9B, and the AO's action of disallowing expenses by treating the distribution rights as 'intangible assets' eligible for depreciation was incorrect. The tribunal directed the AO to allow the deduction of the entire cost of acquisition under Rule 9B, resulting in the assessee's appeal being allowed. en-us Wed, 30 Sep 2015 00:00:00 +0530 Wed, 28 Oct 2015 06:33:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266979 The tribunal held that the reassessment proceedings initiated under section 147 were invalid as they were based on an audit objection without any new tangible material. The correct method for computing the income from film distribution should follow Rule 9B, and the AO's action of disallowing expenses by treating the distribution rights as 'intangible assets' eligible for depreciation was incorrect. The tribunal directed the AO to allow the deduction of the entire cost of acquisition under Rule 9B, resulting in the assessee's appeal being allowed. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266979