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TMI BlogDeduction in respect of expenditure on acquisition of distribution rights of feature filmsX X X X Extracts X X X X X X X X Extracts X X X X ..... m distributor to the film producer or to another distributor under an agreement entered into by the film distributor with such film producer or such other distributor, as the case may be for acquiring the rights of exhibition and, where the rights of exhibition have been acquired on a minimum guarantee basis, the minimum amount guaranteed, not being- ( i ) the amount of expenditure incurred by the film distributor for the preparation of the positive prints of the film; and ( ii ) the expenditure incurred by him in connection with the advertisement of the film. (2) Where a feature film is acquired by the film distributor in any previous year and in such previous year ( a ) the film distributor sells all rights of ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not exceed the amount realised by the film distributor by exhibiting the film on a commercial basis or the amount for which the rights of exhibition have been sold or, as the case may be, the aggregate of the amounts realised by the film distributor 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 acquired by the film distributor, he does not himself exhibit the film on a commercial basis or does not sell the rights of exhibition of the film, no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... teed amount, are credited in the books of account maintained by him in respect of the year in which the deduction is admissible. (6) For the purposes of this rule,- ( i ) the sale of the rights of exhibition of a feature film includes the lease of such rights or their transfer on a minimum guarantee basis ; ( ii ) the rights of exhibition of a feature film shall be deemed to have been sold only on the date when the positive prints of the film are delivered by the film distributor to the purchaser of such rights ; ( iii ) distributor shall include a sub-distributor. (7) Nothing contained in this rule shall apply in relation to any assessment year commencing before the 1st day of April, 1987. - - statute, statutory provis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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