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2013 (8) TMI 1024 - ITAT MUMBAI

2013 (8) TMI 1024 - ITAT MUMBAI - TMI - ITA No. 558/Mum/2011 - Dated:- 28-8-2013 - 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 .....

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ncome of ₹ 7.19 lakhs. Assessment was finalized by the Assessing Officer (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 wa .....

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. 2.1. Assesee preferred an appeal before the First Appellate Authority(FAA).After considering the order of the AO and 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 these exchanges was an exclusive right of the members, that it was of enduring benefit to the assessee, that it was a capital asset. He .....

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