TMI Blog2021 (12) TMI 1427X X X X Extracts X X X X X X X X Extracts X X X X ..... business of race course? - HELD THAT:- ITAT held that there is no dispute to the fact that right from practically the date of incorporation i.e., 1925 onwards, the entrance fee from the members was treated as capital in nature and majority of these orders were passed under Section 143(3) of the Income Tax Act, 1961 - ITAT also relied upon the judgment of this court in CIT vs. Diners Business Servi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itendra Singh ORDER 1. The appellant has proposed following question of law. 1. Whether on the facts and in the circumstances of the case and in law, the Hon ble Tribunal was justified in treating the entrance fees amounting to Rs.7,51,05,500/- received from its member as capital receipts as against revenue receipts ignoring the facts that facilities that are made available to the mem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under : 2.0 Ground No.2 : (Addition of Rs.7,51,05,500/- on account of entrance fees treating the same as Revenue Receipts): 2.1 This ground of appeal has been disposed off by the Office of the undersigned in the Appellate order for A.Y. 2005-06 wherein it has been Held that entrance fees received is a Capital Receipt. 2.2 Since the facts and circumstances remain the same, followi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s that the view of the Assessing Officer to treat the entrance fee as revenue receipt and not capital receipt was incorrect. 4. In our view, the Tribunal has not committed any perversity or applied incorrect principles to the given facts and when the facts and circumstances are properly analysed and correct test is applied to decide the issue at hand, then, we do not think that question as pres ..... X X X X Extracts X X X X X X X X Extracts X X X X
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