Membership & Subscription charges deductible as preliminary expenditure

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 & subscri

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