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Non-Adjustable Deposit for Acquisition of Membership paid to NSE is Capital Expenditure
Case Law Details
- Case Name
- M/s Abhipra Capital Limited Vs. Deputy Commissioner of Income Tax (Investigation) (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Delhi High Court
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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 this amount was sine-qua-non for issue of ...
