2001 (1) TMI 16

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....MHA BABU J.--The question referred is regarding the valuation of the publicity materials for the pictures for which the value of the closing stock was taken as "nil". The assessment year is 1979-80. The assessee had been admittedly valuing the closing stock of the publicity material for all the assessment years prior to that assessment year. It was the case of the assessee that having applied its ....

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....or more in the accounting year. That rule cannot be stretched to the publicity materials as well when the publicity materials do not find any mention in the rule and the publicity materials admittedly do have a value as the same material is capable of, and is in fact being used for the publicity of the film in the subsequent years. The assessee himself had treated this business as separate in so f....