2001 (1) TMI 16

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..... egarding the valuation of the publicity materials for the pictures for which the value of the closing stock was taken as "nil". The assessment year is 1979-80. The assessee had been admittedly valuing the closing stock of the publicity material for all the assessment years prior to that assessment year. It was the case of the assessee that having applied its mind to the rules, according to him the .....

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..... le cannot be stretched to the publicity materials as well when the publicity materials do not find any mention in the rule and the publicity materials admittedly do have a value as the same material is capable of, and is in fact being used for the publicity of the film in the subsequent years. The assessee himself had treated this business as separate in so far as it related to publicity materials .....

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..... rder to provide an incentive to those associated with the film industry having regard to the risks that are involved in that line of business. The extent to which the incentives should go is a matter entirely for Parliament. The fact that a concession is given in respect of films does not imply that the same concession has also been given to publicity materials even when the rules do not so provid .....

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