Life membership fees of club is an expenditure of capital nature & not eligible for deduction .
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Life membership fees of club is an expenditure of capital nature & not eligible for deduction. Short Overview…
deduction for life membership fees
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- Since Appellant acted in a bona fide manner and made necessary adjustments by the end of the financial year, there is no liability of interest under section 201(1A): ITAT Mumbai
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- Interest reimbursed to the sister concerns is not an income & there is no statutory obligation to deduct TDS under Section 194A: ITAT Mumbai
- Liabilities disclosed in the balance sheet by the assessee, if acknowledged and supported with evidence, cannot be treated as remission or cessation of liability under Section 41(1) of the Income-tax Act, 1961: ITAT Delhi
- Income offered by Husband and Wife separately in the ITR & TDS credit claimed by Husband Only: ITAT Mumbai allows the TDS Credit
