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TMI BlogDeduction in respect of expenditure on production of feature filmsX X X X Extracts X X X X X X X X Extracts X X X X ..... constituted under the Cinematograph Act, 1952 (37 of 1952); ( ii ) cost of production , in relation to a feature film, means the expenditure incurred on the production of the film, not being- ( a ) the expenditure incurred for the preparation of the positive prints of the film; and ( b ) the expenditure incurred in connection with the advertisement of the film after it is certified for release by the Board of Film Censors: Provided that the cost of production of a feature film, shall be reduced by the subsidy received by the film producer under any scheme framed by the Government, where such amount of subsidy has not been included in computing the total income of the assessee for any assessment year. (2) Where a feature ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n on a commercial basis at least ninety days before the end of such previous year, the cost of production of the film in so far as it does not exceed the amount realised by the film producer by exhibiting the film on a commercial basis or the amount for which the rights of exhibition are sold or, as the case may be, the aggregate of the amounts realised by the film producer by exhibiting the film and by the sale of the rights of exhibition, shall be allowed as a deduction in computing the profits and gains of such previous year; and the balance, if any, shall be carried forward to the next following previous year and allowed as a deduction in that year. (4) Where, during the previous year in which a feature film is certified for release ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he film producer follows cash system of accounting, the amount received towards the minimum guarantee and the amount, if any, received in excess of the guaranteed amount, are credited in the books of account maintained by him in respect of the year in which the deduction is admissible. (6) Where the Assessing Officer is of opinion that- ( a ) the rights of exhibition of the feature film have been transferred by the film producer by a mode not covered by the provisions of this rule; or ( b ) having regard to the facts and circumstances of any case, it is not practicable to apply the provisions of this rule to such case, deduction in respect of the cost of production of the film may be allowed by the Assessing Officer in such othe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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