https://www.taxtmi.com/caselaws?id=190420 The Court determined that Victory Partnership was engaged in the trade of producing and exploiting the film "Escape to Victory," allowing for capital allowances. It was found that Victory Partnership had incurred capital expenditure of $3 1/4 million, not $14 million as claimed. The tax avoidance scheme utilized was deemed ineffective in generating the claimed first-year allowance. The appeal was allowed, and the case was referred back for tax assessment based on the actual expenditure of $3 1/4 million. The taxpayer was directed to cover the costs incurred in the proceedings. en-us Thu, 12 Mar 1992 00:00:00 +0530 Tue, 14 Feb 2017 18:43:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190420 The Court determined that Victory Partnership was engaged in the trade of producing and exploiting the film "Escape to Victory," allowing for capital allowances. It was found that Victory Partnership had incurred capital expenditure of $3 1/4 million, not $14 million as claimed. The tax avoidance scheme utilized was deemed ineffective in generating the claimed first-year allowance. The appeal was allowed, and the case was referred back for tax assessment based on the actual expenditure of $3 1/4 million. The taxpayer was directed to cover the costs incurred in the proceedings. Case-Laws Income Tax Thu, 12 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190420