Nagi Reddy v. CIT

DHARMA PRODUCTIONS PVT. LTD.,MUMBAI vs. ACIT - 16(1), MUMBAI

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2012-13 M/S. Dharma Productions Acit-16(1), Private Limited, Room No.439, बनाम/ Unit No.201 & 202, 2Nd 4Th Floor, Vs. Floor, Supreme Chambers, Aayakar Bhavan, Off Veera Desai Road, Mumbai-40020 17/18, Shah Industrial Estate, Andheri (W), Mumbai-400053 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No.Aaacd3889K "नधा"रती क" ओर से / Assessee By Shri Rakesh Mohan Shri Ram Tiwari-Dr राज"व क" ओर से / Revenue By 04/06/2018 सुनवाई क" तार"ख / Date Of Hearing : घोषणा क" तार"ख/Date Of Pronouncement 26/07/2018 2 M/S Dharma Productions Pvt. Ltd.

…film is released in that year or not, as held by the Hon'ble Madras High Court in the case of Prasad Productions as reported in 179 ITR 147 the cost of making positive prints is allowable u/s 37 of the Act. Further in the case of B. Nagi Reddy as reported in 199 ITR 451, the Hon'ble Madras High Court held that any loss arising on account of feature film being abandoned midway without completing it, then, the expenditure incurred till that date including the payments made to artists, writers etc., would he allowable as a business loss on the principle of commercial expediency. All the above instances make it clea…

DHARMA PRODUCTIONS P LTD,MUMBAI vs. ASST CIT 16(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Dharma Productions Pvt. Ltd., Vs. The Asst. Commissioner Of 29, Jains Arcade, 2Nd Floor, 14Th Road, Income-Tax- 16(1) Khar (West), Mumbai 400 052 Aayakar Bhavan, 4Th Floor, Pan:Aaacd 3889 K Room No.439,Mumbai .. Appellant Respondent Appellant By .. Shri Vijay Mehta, Ar .. Respondent By Shri B. S. Bist, Dr Date Of Hearing .. 23-12-2016 .. Date Of Pronouncement 21-03-2017 O R D E R Per Mahavir Singh, Jm:

…film is released in that year or not, as held by the Hon'ble Madras High Court in the case of Prasad Productions as reported in 179 ITR 147 the cost of making positive prints is allowable u/s 37 of the Act. Further in the case of B. Nagi Reddy as reported in 199 ITR 451, the Hon'ble Madras High Court held that any loss arising on account of feature film being abandoned midway without completing it, then, the expenditure incurred till that date including the payments made to artists, writers etc., would he allowable as a business loss on the principle of commercial expediency. All the above instances make it clea…

DCIT CEN CIR 29, MUMBAI vs. YASH RAJ FILMS P. LTD, MUMBAI

…d by the hon'ble Madras High Court in the case of CIT v. Prasad Productions P. Ltd. as reported in [1989] 179 ITR 147the cost of making positive prints is allowable under section 37 of the Act. Further in the case of B. Nagi Reddy v. CIT as reported in [1993] 199 ITR 451, the hon'ble Madras High Court held that any loss arising on account of feature film being abandoned midway without completing it, then, the expenditure incurred till that date including the payments made to artists, writers etc. would be allowable as a business loss on the principle of commercial expediency. All the above instances make it clear…

YASH RAJ FILMS PVT. LTD.,MUMBAI vs. A.C.I.T. CENTRAL CIRCLE 29, MUMBAI

…d by the hon'ble Madras High Court in the case of CIT v. Prasad Productions P. Ltd. as reported in [1989] 179 ITR 147the cost of making positive prints is allowable under section 37 of the Act. Further in the case of B. Nagi Reddy v. CIT as reported in [1993] 199 ITR 451, the hon'ble Madras High Court held that any loss arising on account of feature film being abandoned midway without completing it, then, the expenditure incurred till that date including the payments made to artists, writers etc. would be allowable as a business loss on the principle of commercial expediency. All the above instances make it clear…

RED CHILLIES ENTERTAINMENT P.LTD,MUMBAI vs. ACIT CEN CIR 29, MUMBAI

In the result, assessee’s appeal for A

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

…ative also relied upon the decision of the Hon'ble Jurisdictional High Court in CIT v/s Venus Records and Tapes Pvt. Ltd., ITA no.310 of 2013, judgment dated 28th January 2015 and the decision of the Hon'ble Madras High Court in B. Nagi Reddy v/s CIT [1993], 199 ITR 451 (Mad.). 26. Learned Departmental Representative relied upon the order of the learned Commissioner (Appeals) and the Assessing Officer. 27. We have considered the submissions of the parties and perused the material available on record in the light of the decisions relied upon by the learned Authorised Representative. On a perusal of the orders o…

DCIT 1(3), MUMBAI vs. WARNER BROS,. PICTURES (I) P. LTD, MUMBAI

In the result, the Revenue’s appeal for Asst

Bench: Shri Jason P. Boaz (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2009-10

…49,920/- for purchase of a film script, following the decision of the co-ordinate bench of this Tribunal in the case of Mukta Arts Pvt. Ltd in ITA No. 7955/Bom/1992 dt. 02/05/2001 and the decision of the Hon’ble Madras High Court in the case of B. Nagi Reddy (199 ITR 451)(Mad) holding that the expenditure incurred by the assessee in this regard was revenue expenditure and also in view of Rule 9A of IT Rules,1962. 3.1 Revenue, being aggrieved by the order of the CIT(A)-2, Mumbai dt. 12/03/2014 for Asst. year 2009-10 has preferred this appeal raising the following grounds:- “Whether on the facts and in the circumst…