SC Dismisses SLP as Advance Sale of Room Nights Issue Was Already Covered by Precedent

PCIT Vs Pancard Clubs Ltd (Supreme Court of India) The Revenue challenged an order of the Income Tax Appellate Tribunal (ITAT) dated 1 September 2017 for Assessment Year 2011-12. The dispute involved two issues: Whether receipts arising from the advance sale of room nights constituted revenue receipts. Whether the provision for “Holiday Scheme Surrender Value” was an allowable expenditure. The Bombay High Court examined the matter and noted that both issues had already been decided in the assessee’s own cases for Assessment Years 2004-05, 2005-06, 2007-08, and 2009-10 through its order...