9911796707
TMI Blog2014 (5) TMI 588X X X X Extracts X X X X X X X X Extracts X X X X ..... od of the resources being a possible source of revenue, it would not be justify to include it in the capital stream - the expenditure is a part of the entire total expenditure incurred by the assessee which is concededly treated as revenue – Decided against Revenue. - ITA 1624/2006 - - - Dated:- 29-4-2014 - S. Ravindra Bhat And Vibhu Bakhru,JJ. For the Petitioner :Mr. Sanjeev Sabharwal, S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... % of the total expenditure incurred by it as value of news archives under the head of fixed assets. In the return filed by the assessee for the Assessment Year 1997, the said amount was claimed as revenue expenditure. According to the assessee this expenditure was allocated for the creation of news achieves , which comprised of its published or telecasted programmes. The AO capitalised this amo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d which could be earmarked towards creation of News Archives library. The assessee felt a part of footage of the news based on programmes produced has repeat value which could be used for the production of programme in future. The assessee, therefore, estimated 10% expenditure incurred as reasonable to be attributable to the News Archives library. The assessee has been engaged in the production of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es which are utilised for the creation of news archives belonged to the assessee. The future likelihood of these resources being a possible source of revenue, cannot in the opinion of this Court justify its inclusion in the capital stream. Furthermore, this Court notices that the expenditure i.e. 10% ₹ 88,83,128/- is a part of the entire total expenditure incurred by the assessee which is ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
