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Membership & Subscription charges deductible as preliminary expenditure
Case Law Details
- Case Name
- Phillip (India) Pvt. Ltd. Vs ACIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009-10
- Courts
- All ITAT, ITAT Mumbai
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Phillip (India) Pvt. Ltd. Vs ACIT (ITAT Mumbai)
Conclusion: Service fees and membership & subscription fees were incurred for the purpose of business and to set up a transaction meant for overseas capital market, therefore, this expenditure could be treated preliminary expenditure for the purpose of business.
Held: During the assessment proceeding, AO observed that assessee had debited an amount under the head service fees and membership & subscription fees respectively and the expenditure debited by assessee in this heads amounted to 44.45% of the total expenditure d...
