https://www.taxtmi.com/caselaws?id=13820 Publicity materials for a film could not be valued at nil in closing stock merely because the film itself qualified for nil valuation under the income-tax rules. The nil-valuation concession applied only to the film after exhibition for the stipulated period and could not be extended by implication to publicity materials, which were not covered by the rules and retained independent value for later use. The assessee's separate treatment of publicity materials as a distinct business, with separate accounts and prior-year stock valuation, reinforced that they remained separately taxable stock-in-trade. The question was answered against the assessee and in favour of the Revenue. en-us Wed, 17 Jan 2001 00:00:00 +0530 Mon, 03 May 2010 01:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13820 Publicity materials for a film could not be valued at nil in closing stock merely because the film itself qualified for nil valuation under the income-tax rules. The nil-valuation concession applied only to the film after exhibition for the stipulated period and could not be extended by implication to publicity materials, which were not covered by the rules and retained independent value for later use. The assessee's separate treatment of publicity materials as a distinct business, with separate accounts and prior-year stock valuation, reinforced that they remained separately taxable stock-in-trade. The question was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Wed, 17 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13820