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Income Tax - Highlights / Catch Notes

Home Highlights August 2013 Year 2013 This

Whether the expenditure regarding club membership and entrance ...

Income Tax

August 31, 2013

Whether the expenditure regarding club membership and entrance fee is revenue in nature or capital – Deduction u/s 37 of the Income Tax Act - Held as revenue in nature - AT

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  1. Corporate membership fees - revenue in nature or capital? - no reason why the renewal membership fees should not be allowed as revenue expenditure - HC

  2. Characterization of income - One time membership entrance fees as one time membership fees for life time membership of club (15 years) - membership fee received is...

  3. The fact that an expenditure gives enduring benefit is by itself not conclusive as regards the nature of the expenditure - the disallowance on account of entrance fee...

  4. Disallowance of membership fee paid to club u/s. 37 - unless assessee demonstrate with relevant evidences that subscription fee paid to club, is for the purpose of...

  5. Disallowance of expenses u/s 37(1) by the CPC - Associateship fees paid to Mumbai Cricket Association - Membership of the employees of the company including Chairman and...

  6. Club or Association Service - Admission Fee, Membership Fee, Establishment Expenses, collected by the appellant from its members - amount retained for earning ‘carbon...

  7. Levy of GST - supply of services - Rotary Club - amount collected as membership subscription and admission fees from members is liable to GST as supply of services

  8. CENVAT credit - Golf Club Membership is not related to the assessee's business and therefore, they are not entitled to the CENVAT credit of service tax paid on club...

  9. Taxability of club membership fee - refundable security deposit should not be subjected to Service Tax as per provisions of the Finance Act, 1994. - AAR

  10. Payment towards membership of OTC (Delhi stock exchange) - nature of expenditure - provision made for doubtful advance for membership - Assessee failed to prove its case...

 

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