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1 - 8 of 8 (0.24 seconds)Section 80HHF in The Income Tax Act, 1961 [Entire Act]
B. Nagi Reddy vs Commissioner Of Income-Tax on 10 June, 1991
In B.Nagi Reddy Vs. CIT [(1993) 199 ITR 451 (Mad.)], the Hon'ble
Madras High Court has held that any sum incurred by the assessee in
production of two films which were subsequently abandoned was to be allowed
as deduction.
Section 37 in The Income Tax Act, 1961 [Entire Act]
The State Of Madras, Represented By The ... vs Balmadies Plantations Limited, ... on 27 January, 1960
4. After considering the rival submissions and perusing the relevant
material on record it is seen that the Hon'ble jurisdictional High Court in CIT
Vs. Mukta Arts Pvt. Ltd. vide its judgment dated 25th August, 2008 in Income
Tax Appeal No.584 of 2001 considered a question whether the Tribunal was
justified in holding that the cost of production of the abandoned film "Devaa"
was trading loss. The learned Counsel on behalf of the Revenue conceded
before the Hon'ble High Court that no question of law was involved and the
appeal itself was misconceived in view of the fact that the film in question was
admittedly not released and hence it was stock-in-trade and there was no
question of the same being capital asset. The learned A.R. has placed on record
a copy of this judgment available on page no.166 of the paper book.
Section 80HHC in The Income Tax Act, 1961 [Entire Act]
Section 43B in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs Indian Rare Earth Ltd. on 22 September, 1989
Another
judgment dated 29th August, 2011 of the Hon'ble jurisdictional High Court in
CIT Vs. Indian Rare Earth Ltd. in Income Tax Appeal No.1950 of 2009 has
been filed holding that the expenses relating to two projects which were
abandoned due to certain reasons were liable to be considered as revenue loss as
the assessee's nature of business of mining of ore incorporated the exploration
activities.
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