https://www.taxtmi.com/caselaws?id=186656 Payment made to settle a copyright claim was not allowable as a deduction for the relevant year because the liability was already known when the film asset was taken over and had been effectively absorbed in an earlier write-off allowed as a bad debt. The fact that the payment related to a film asset, or that the film had generated little income, did not change the character of the expenditure. Allowing the later payment as a business deduction would have permitted the same amount to be claimed twice, so the expenditure was disallowed. en-us Tue, 09 Feb 1960 00:00:00 +0530 Mon, 26 Sep 2016 17:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186656 Payment made to settle a copyright claim was not allowable as a deduction for the relevant year because the liability was already known when the film asset was taken over and had been effectively absorbed in an earlier write-off allowed as a bad debt. The fact that the payment related to a film asset, or that the film had generated little income, did not change the character of the expenditure. Allowing the later payment as a business deduction would have permitted the same amount to be claimed twice, so the expenditure was disallowed. Case-Laws Income Tax Tue, 09 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186656