Expenditure on corporate membership of Club is Revenue exp
Section 37- Expenditure on corporate membership of Club- Whether capital or revenue ? Held- Revenue CIT vs. Groz Beckert Asia Ltd. (Punjab & Haryana High Court – Full bench)(ITA No. 366 of 2008) Expenditure on corporate membership of club is revenue expenditure The assessee obtained corporate membership of the Golf Club on payment of Rs.6 lakhs. The AO disallowed… Read More »