This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Expenditure on corporate membership of club is revenue expenditure
Case Law Details
- Case Name
- The Commissioner of Income Tax, Patiala Vs M/s Groz Beckert Asia Limited (Punjab And Hariyana High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Punjab and Haryana HC
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Expenditure should bring into existence an asset or an advantage for the enduring benefit of a trade. In the present case, the corporate membership of Rs.6 lacs was for a limited period of 5 years.
The corporate membership was obtained for running the business with a view to produce profit. Such membership does not bring into existence an asset or an advantage for the enduring benefit of the business. It is an expenditure incurred for the period of membership and is not long lasting. By subscribing to the membership of a club, no capital asset is created or comes into existence. By such member...
