https://www.taxtmi.com/caselaws?id=13623 The High Court of Kerala upheld the Tribunal's decision that the payment made by the assessee for institutional membership in the Cochin Yacht Club amounted to a capital expenditure. The court agreed that such expenditure provided an enduring benefit to the institution, aligning with the principle that costs for lasting advantages in trade are capital in nature. Relying on the Punjab State Industrial Development Corporation Ltd. v. CIT case, the court ruled in favor of the Revenue, dismissing the appeal under section 260A of the Income-tax Act, 1961. en-us Fri, 07 Jul 2006 00:00:00 +0530 Sat, 30 May 2009 16:54:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13623 The High Court of Kerala upheld the Tribunal's decision that the payment made by the assessee for institutional membership in the Cochin Yacht Club amounted to a capital expenditure. The court agreed that such expenditure provided an enduring benefit to the institution, aligning with the principle that costs for lasting advantages in trade are capital in nature. Relying on the Punjab State Industrial Development Corporation Ltd. v. CIT case, the court ruled in favor of the Revenue, dismissing the appeal under section 260A of the Income-tax Act, 1961. Case-Laws Income Tax Fri, 07 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13623