Disallowance of expenditure incurred towards film not released is unsustainable

Steller Films Pvt. Ltd Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that expenditure relating to film which was not released and hence not co-relatable to any income, cannot be disallowed as the expenses were incurred wholly and exclusively for the purpose of the business.

Facts-

The assessee before us is a company engaged in the business of cinema photographic films. During the course of the scrutiny assessment proceedings, the Assessing Offi

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