https://www.taxtmi.com/caselaws?id=338629 The Tribunal dismissed the appeals of both the Revenue and the Assessee for assessment years 2007-08, 2008-09, and 2009-10. The treatment of entrance fees as capital receipts was upheld based on historical practices and legal precedents. The amount received from Pegasus Resorts and Hotels Pvt. Ltd. was deemed a capital receipt despite forfeiture. The appeal regarding disallowance under section 14A of the Act was not pressed due to the insignificant amount. The judgments were grounded in consistency, legal precedents, and lack of contrary evidence or substantial sums involved in disallowances. en-us Wed, 27 Jul 2016 00:00:00 +0530 Wed, 08 Feb 2017 12:32:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338629 The Tribunal dismissed the appeals of both the Revenue and the Assessee for assessment years 2007-08, 2008-09, and 2009-10. The treatment of entrance fees as capital receipts was upheld based on historical practices and legal precedents. The amount received from Pegasus Resorts and Hotels Pvt. Ltd. was deemed a capital receipt despite forfeiture. The appeal regarding disallowance under section 14A of the Act was not pressed due to the insignificant amount. The judgments were grounded in consistency, legal precedents, and lack of contrary evidence or substantial sums involved in disallowances. Case-Laws Income Tax Wed, 27 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338629