https://www.taxtmi.com/caselaws?id=120602 The Tribunal upheld the AO's decision that the expenditure incurred for acquiring stock exchange membership is capital in nature, as it secures an intangible right with lasting benefits, and is not allowable under section 37(1) of the Income-tax Act. It also ruled that deposits made by the assessee with the Stock Exchange are not 'expenditure' as they are refundable, reversing the CIT(A)'s allowance for deduction. However, the Tribunal remanded the issue of the Rs. 5 lakhs annual subscription for further verification by the AO, allowing it as revenue expenditure if conditions are met. en-us Thu, 28 Feb 2008 00:00:00 +0530 Wed, 27 Dec 2023 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120602 The Tribunal upheld the AO's decision that the expenditure incurred for acquiring stock exchange membership is capital in nature, as it secures an intangible right with lasting benefits, and is not allowable under section 37(1) of the Income-tax Act. It also ruled that deposits made by the assessee with the Stock Exchange are not 'expenditure' as they are refundable, reversing the CIT(A)'s allowance for deduction. However, the Tribunal remanded the issue of the Rs. 5 lakhs annual subscription for further verification by the AO, allowing it as revenue expenditure if conditions are met. Case-Laws Income Tax Thu, 28 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120602