https://www.taxtmi.com/caselaws?id=456460 ITAT Chennai held that cost of production expenses for tele serials constitutes revenue expenditure, not capital expenditure. The tribunal ruled that such expenses do not create enduring benefits or assets for assessees engaged in production and exhibition of tele serials. The decision was supported by Television Eighteen India Ltd. case and CBDT circular provisions. The tribunal upheld CIT(A)'s deletion of additions made by Assessing Officer, allowing production costs as revenue expenditure under section 37 of Income Tax Act, 1961, even when revenue from exhibition spans multiple years. en-us Wed, 23 Feb 2022 00:00:00 +0530 Sat, 27 Jul 2024 07:29:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456460 ITAT Chennai held that cost of production expenses for tele serials constitutes revenue expenditure, not capital expenditure. The tribunal ruled that such expenses do not create enduring benefits or assets for assessees engaged in production and exhibition of tele serials. The decision was supported by Television Eighteen India Ltd. case and CBDT circular provisions. The tribunal upheld CIT(A)'s deletion of additions made by Assessing Officer, allowing production costs as revenue expenditure under section 37 of Income Tax Act, 1961, even when revenue from exhibition spans multiple years. Case-Laws Income Tax Wed, 23 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456460