Life membership/ entrance fees is capital receipt

Jewellers Association Vs ACIT (ITAT Jaipur)

Held that fees like entrance fees as well as life membership are part of the corpus fund and accordingly are in the nature of capital receipt.

Facts-

The assessee society is registered u/s 12A . It is a trade association carrying out activities for upliftment of Gems & Jewellery trade and for carrying out that object is providing dharam kanta facility to trade members publishing Gems & Jewellery related journals, G

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