Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

M/s Pyramid Commodities Versus ITO Ward 4 (2) (1) , Mumbai

2013 (8) TMI 1024 - ITAT MUMBAI

Admission fees for taking membership of MCX and NCDEX - allowable deduction - Held that:- We find that the assessee had made payments towards membership fees of two exchanges Fees paid by it was onetime payment and as a result assessee was allowed to .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Apex court has held that Stock exchange membership cards were assets eligible for depreciation under section 32 of the Act. In our opinion membership fees paid by the assessee under the head exchanges cards fees is squarely covered by the above judgm .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ajendra, Accountant Member. Appellant by: Shri Kirit Sheth Respondent by: Shri Prabhat Jha ORDER Per Rajendra, A.M. Following the grounds of appeal has been filed by the assessee against the order dated 02.12.2010 of CIT(A)-11, Mumbai: "1. The L .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

both the payments are of the nature of revenue expenditure and should therefore be allowed in full. 2. Your appellant prays for a leave to allow it to add to or alter the above ground. Assessee-firm is a commodity broker and had received income from .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

come of the assessee at ₹ 19,18,780/-. 2.During the assessment proceedings, AO found that it had paid ₹ 6,99,000/- to MCX and ₹ 5,00,000/- to NCDEX as admission fees for taking membership of the above exchanges. He held that the mem .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ission fee in subsequent years for carrying out business through these exchanges, fees were giving enduring benefit to the assessee, that the admission fee made for doing the business for a long time period could not be regarded a revenue expenditure .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d the submission of the assessee he held that expenditure incurred by the assessee for obtaining the membership of MCX and NCDEX to carry out the transaction through these exchanges could not be allowed as a revenue expenditure, that membership in th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

orized Representative(AR)submitted that expenditure incurred by the assessee was revenue in nature, that same should have been held Capital expenditure. Departmental Representative(DR)relied upon the order of the AO and the FAA. 2.3. We have heard th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version