https://www.taxtmi.com/caselaws?id=366966 The Tribunal upheld the decision of the Commissioner, dismissing the appeal filed by the assessee. The addition of a provision for doubtful advance in the computation of income was disallowed, with the AO adding back the amount of Rs. 20 lakhs to the assessee's income. While the addition under section 14 A read with Rule 8D was initially upheld by the Commissioner, it was later deleted. The Tribunal found that the membership fee paid towards OTC (Delhi Stock Exchange) did not result in an enduring asset and should be treated as a revenue expenditure, but the assessee failed to provide sufficient evidence to support this claim, leading to the dismissal of the appeal. en-us Wed, 29 Aug 2018 00:00:00 +0530 Wed, 12 Sep 2018 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366966 The Tribunal upheld the decision of the Commissioner, dismissing the appeal filed by the assessee. The addition of a provision for doubtful advance in the computation of income was disallowed, with the AO adding back the amount of Rs. 20 lakhs to the assessee's income. While the addition under section 14 A read with Rule 8D was initially upheld by the Commissioner, it was later deleted. The Tribunal found that the membership fee paid towards OTC (Delhi Stock Exchange) did not result in an enduring asset and should be treated as a revenue expenditure, but the assessee failed to provide sufficient evidence to support this claim, leading to the dismissal of the appeal. Case-Laws Income Tax Wed, 29 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366966