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2009 (1) TMI 26 - HC - Income Tax
Allowance of depreciation on the enhanced cost of the asset on account of fluctuation in the rate of exchange on the last date of the accounting year - allowance of deduction in respect of money paid towards admission fee of clubs - admission fee paid towards corporate membership of the clubs is an expenditure incurred wholly and exclusively for the purposes of business and not towards capital account so it is an allowable expenditure u/s 37