https://www.taxtmi.com/caselaws?id=212731 The Tribunal partly allowed both appeals, remanding certain issues for fresh adjudication based on legal precedents. It upheld the disallowance of certain expenses as personal, disallowed depreciation on certain memberships, and allowed the gratuity deduction. The Tribunal also held that penalty for violation of Stock Exchange bye-laws was compensatory and club membership charges were business expenditure. However, it deemed the membership fee to Dubai Gold and Commodity Exchange as capital in nature, reversing the CIT(A)'s decision. en-us Wed, 11 Jan 2012 00:00:00 +0530 Wed, 20 Apr 2016 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212731 The Tribunal partly allowed both appeals, remanding certain issues for fresh adjudication based on legal precedents. It upheld the disallowance of certain expenses as personal, disallowed depreciation on certain memberships, and allowed the gratuity deduction. The Tribunal also held that penalty for violation of Stock Exchange bye-laws was compensatory and club membership charges were business expenditure. However, it deemed the membership fee to Dubai Gold and Commodity Exchange as capital in nature, reversing the CIT(A)'s decision. Case-Laws Income Tax Wed, 11 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212731