Non-Adjustable Deposit for Acquisition of Membership paid to NSE is Capital Expenditure

M/s Abhipra Capital Limited Vs. DCIT (Investigation) (Delhi High Court)

It is an accepted and admitted position that Rs. 5,00,000/- was paid by the appellant- assessee to acquire membership of the National Stock This was a fixed amount, which was paid at one time and is not an annual subscription fee. Without payment of the said amount, the appellant- assessee could not have acquired membership of the National Stock Exchange. On acquisition of membership, the appellant acquired right to trade in shares and act as a broker. Deposit of thi

Please become a Premium member. If you are already a Premium member, login here to access the full content.