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TMI Blog2016 (1) TMI 1122X X X X Extracts X X X X X X X X Extracts X X X X ..... by : Shri. Nitin Waghmode Respondent by : Shri. W. Hason O R D E R PER JASON P. BOAZ, AM This appeal by the Revenue is directed against the order of the CIT (Appeals)-2, Mumbai dt. 12/03/2014 for Asst. Year 2009-10. 2. The facts of the case, briefly, are as under:- 2.1 The assessee, engaged in the import, duplication, distribution of foreign cinematographs and video films, activities for purchase and distribution of Indian films and business activities of trading in capacitors and investment in shares and securities, filed its return of income for Asst. Year 2009-10 on 29/09/2009 declaring total loss of ₹ 32,55,43,367/-. The return was processed u/s 143(1) of the Income Tax Act, 1961 (in short the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a feature film was revenue expenditure? The Ld. DR for revenue was heard in support of the grounds raised (supra) and placed strong where on the decision of the Assessing Officer (AO) on this issue. 3.2 Per Contra, the Ld. AR for the assessee supported the order of the Ld. CIT(A) and prayed for the decision therein to be upheld. Before us, the Ld. AR submitted that the issue in question, i.e. whether the expenditure incurred on advance paid /cost incurred for purchase of film script of an abandoned film written off is allowable as a revenue expenditure, is covered in favour of the assessee by the order of the Hon ble Bombay High Court in the case of M/s. Venus Records and Tapes (P) Ltd, in ITA No. 310 of 2013 dt. 28/01/2015 a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Tapes P. Ltd.(supra), it has been clarified that Rule 9A of the IT Rule, 1962 is not applicable in the case of abandoned feature films. The same is extracted hereunder:- Circular No. 16/2015 F.No.279/Misc/140/2015-ITJ Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ****** New Delhi, 6th October, 2015 Subject: - Non-applicability of Rule 9A of the income Tax Rules 1962 in the case of Abandoned Feature Films- The deduction in respect of the cost of production of a feature film certified for release by the Board of Film Censors in a previous year is provided in Rule 9A of Income Tax Rules, 1962. 2. In the case of abandoned fi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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