Allowability of membership fee paid to MCX Exchange Ltd.

Unifi Capital Pvt. Ltd. Vs Income Tax Officer (ITAT Chennai)

Admittedly, membership fee paid to any stock exchange including MCX Exchange Ltd., is for acquiring a right in membership of exchanges for trading in shares and securities. Further membership rights in any stock exchange including MCX Exchange Ltd., is a transferable right. Therefore, said right is definitely a right in the nature of any commercial right of similar nature which falls under section 32(1)(ii) of the Act. Once amount paid is in the nature of a

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