https://www.taxtmi.com/caselaws?id=18350 The High Court held that the advance made to a film production company was not allowable as a business loss for the assessee. The court determined that the advance was made to acquire distribution rights, constituting a capital asset rather than a revenue loss incurred in the course of business. Emphasizing the distinction between revenue and capital losses, the court ruled in favor of the Department, denying the allowance of the advance amount as a business loss. en-us Tue, 10 Oct 1995 00:00:00 +0530 Wed, 30 Sep 2009 13:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18350 The High Court held that the advance made to a film production company was not allowable as a business loss for the assessee. The court determined that the advance was made to acquire distribution rights, constituting a capital asset rather than a revenue loss incurred in the course of business. Emphasizing the distinction between revenue and capital losses, the court ruled in favor of the Department, denying the allowance of the advance amount as a business loss. Case-Laws Income Tax Tue, 10 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18350