Case Law Details
Case Name : JCIT (OSD) Vs Royal Western India Turf Club Ltd. (ITAT Mumbai)
Related Assessment Year : 2013-14
Courts :
All ITAT ITAT Mumbai
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JCIT Vs Royal Western India Turf Club Ltd. (ITAT Mumbai)
Conclusion: Contribution received from the members towards infrastructure facilities should be treated as a capital receipt as these contributions were received for a specific purpose.
Held: Assessee treated the contribution received from the members towards infrastructure facilities as its capital receipt, whereas the AO held it as revenue receipt. Aggrieved, assessee preferred an appeal before the CIT(A) who upheld the claim o
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