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2015 (5) TMI 786 - AT - Income TaxDisallowance of entrance fee for membership of ‘business club’ - revenue v/s capital exoenditure - Held that:- When two divergent views are available on the same issue, the view favourable to the assessee has to be followed in view of the decision of the Hon’ble Supreme Court in the case of Vegetable Products Ltd. reported in [1973 (1) TMI 1 - SUPREME Court]. In view of the above, we are of considered opinion that entrance fee for membership of business club is revenue expenditure. The order of the Ld. CIT(A) is, therefore, set-aside and the ground of appeal raised by the assessee is allowed. - Decided in favour of assesse.
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