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2013 (8) TMI 1024 - ITAT MUMBAI

2013 (8) TMI 1024 - ITAT MUMBAI - TMI - 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 carry out business on both the exchanges. Such a right has to considered a capital asset. In the cases of Techno Shares and Stocks Ltd. (2010 (9) TMI 6 - SUPREME COURT OF INDIA ) and Smifs Securities Ltd. (201 .....

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013 - B.R. Mittal, Judicial Member And Rajendra, 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 Ld. CIT(A) has erred in confirming the disallowance by the A.O. of ₹ 6,99,000 paid to MCX and ₹ 5,00,000 paid to NCDEX on the ground that both the payments are of the nature of capital expenditure. Y .....

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r (AO) on 22.12. 2009 determining the income 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 membership of MCX and NCDEX was the permission to carry out the transaction through these exchanges, that purpose of the said payment was to make one-time payment of admission fee, that because of the payments-in- .....

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