https://www.taxtmi.com/caselaws?id=11922 The High Court of BOMBAY addressed the valuation of closing stock and disallowance of publicity expenses in a film production business under the Income-tax Act, 1961. The court upheld the Income-tax Officer's valuation of closing stock at Rs. 4,48,279 under rule 9A, emphasizing the need for the cost of production to be deductible only upon exhibition or sale of the movie. Regarding the disallowance of publicity expenses, the court ruled in favor of the assessee, citing film production as an industrial undertaking under section 37(3D) based on precedent, leading to the disposal of the reference without costs. en-us Wed, 22 Jan 2003 00:00:00 +0530 Tue, 14 Jun 2011 04:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11922 The High Court of BOMBAY addressed the valuation of closing stock and disallowance of publicity expenses in a film production business under the Income-tax Act, 1961. The court upheld the Income-tax Officer's valuation of closing stock at Rs. 4,48,279 under rule 9A, emphasizing the need for the cost of production to be deductible only upon exhibition or sale of the movie. Regarding the disallowance of publicity expenses, the court ruled in favor of the assessee, citing film production as an industrial undertaking under section 37(3D) based on precedent, leading to the disposal of the reference without costs. Case-Laws Income Tax Wed, 22 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11922