https://www.taxtmi.com/caselaws?id=399816 The Tribunal upheld the decision of the CIT(A) confirming admission fees paid to Stock Exchange as capital expenditure, allowing depreciation on the same. The Tribunal determined that the payment for membership created an intangible right transferable by nomination, constituting a capital asset under Section 37 of the Income-tax Act. Citing relevant case law, it emphasized the lasting benefit aspect of the membership, distinguishing between capital and revenue expenditure. The appeal was dismissed, affirming that the admission fee was rightly treated as capital expenditure, warranting depreciation. en-us Tue, 06 Oct 2020 00:00:00 +0530 Tue, 20 Oct 2020 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399816 The Tribunal upheld the decision of the CIT(A) confirming admission fees paid to Stock Exchange as capital expenditure, allowing depreciation on the same. The Tribunal determined that the payment for membership created an intangible right transferable by nomination, constituting a capital asset under Section 37 of the Income-tax Act. Citing relevant case law, it emphasized the lasting benefit aspect of the membership, distinguishing between capital and revenue expenditure. The appeal was dismissed, affirming that the admission fee was rightly treated as capital expenditure, warranting depreciation. Case-Laws Income Tax Tue, 06 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399816