ITAT Hyderabad Allows TV Serial Production Cost as Revenue Expenditure

ACIT Vs Eenadu Television Private Limited (ITAT Hyderabad) The Hyderabad ITAT decided cross appeals arising from the order of the CIT(A), NFAC, for Assessment Year 2022-23. Revenue’s Appeal: The Revenue challenged the CIT(A)’s directions regarding depreciation on non-compete fee and the treatment of cost of production of TV serials and programmes as revenue expenditure instead of capital expenditure. On the issue of depreciation on non-compete fee, the Revenue argued that the payment under a non-compete agreement with related parties was not allowable as depreciation under Section ...