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 & subscription fees respectively and the expenditure debited by assessee in this heads amounted to 44.45% of the total expenditure debited to the Pro...