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2014 (8) TMI 728 - HC - Income TaxCapital or revenue expenditure - one time expenditure incurred for the Club Membership Fee – Held that:- The corporate membership which was obtained for running the business with a view to produce profit would amount to revenue expenditure - such an expenditure does not bring into existence an asset or an advantage for the enduring benefit of a trade - by subscribing to the membership of a club, no capital asset is created or comes into existence - Following the decision in Commissioner Of Income-Tax Versus Engineers India Ltd. [1999 (7) TMI 58 - DELHI High Court] - Such expenses are for running the business with a view to produce the benefits to the assessee - it cannot be treated as capital asset – Decided against Revenue. Nature of fee received – Capital or revenue - Expenses incurred on ISO certification – Held that:- Following the decision in Empire Jute Co. Limited vs. CIT [1980 (5) TMI 1 - SUPREME Court] - the expenses incurred on ISO 9002 Certificate is revenue in nature – Decided against Revenue.
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