https://www.taxtmi.com/caselaws?id=24155 The High Court of PUNJAB AND HARYANA held that once an option is exercised by a film distributor under rule 9B(7) of the Income-tax Rules, it is final for the assessment year and all subsequent years. The Court ruled in favor of the Revenue, stating that the option cannot be revised before the final assessment. The assessee's attempt to revise the option for one film after initially applying it to all three films was deemed invalid. The Court affirmed that the new rules would apply from April 1, 1977, and that once chosen, the option would be consistent for subsequent years. en-us Thu, 01 Dec 1988 00:00:00 +0530 Mon, 18 Jan 2010 10:52:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24155 The High Court of PUNJAB AND HARYANA held that once an option is exercised by a film distributor under rule 9B(7) of the Income-tax Rules, it is final for the assessment year and all subsequent years. The Court ruled in favor of the Revenue, stating that the option cannot be revised before the final assessment. The assessee's attempt to revise the option for one film after initially applying it to all three films was deemed invalid. The Court affirmed that the new rules would apply from April 1, 1977, and that once chosen, the option would be consistent for subsequent years. Case-Laws Income Tax Thu, 01 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24155