SETHU FILM DISTRIBUTORS Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE question referred is regarding 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 rules, viz., Rules 9A and 9B of the Income-tax Rules, enabled him to treat the value of the publicity material also as "nil" when the value of the film for which the material had been prepared is taken as "nil" by reason of that film having been exhibited for a period of 90 days or more in the accounting year.

(2.) THE assessee's contention did not find favour with the Assessing Officer, but did with the Commissioner whose ruling has been reversed by the Tribunal. THE assessee is before us and contends that the Commissioner's order should be restored.