https://www.taxtmi.com/caselaws?id=29575 The court determined that for the assessment years 1963-64 and 1964-65, a portion of entrance fees received from life members should be classified as capital receipts and the remaining portion as income. Specifically, Rs. 500 was deemed a capital receipt and Rs. 2,000 as income. In the case of an ordinary member transitioning to a life member, the full amount of Rs. 2,000 was considered income. Additionally, for widows of life members becoming life members, Rs. 150 out of Rs. 500 was categorized as a capital receipt, with the remaining Rs. 350 as income. Each party was directed to bear their respective costs. en-us Wed, 31 Jan 1979 00:00:00 +0530 Thu, 01 Dec 2016 14:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29575 The court determined that for the assessment years 1963-64 and 1964-65, a portion of entrance fees received from life members should be classified as capital receipts and the remaining portion as income. Specifically, Rs. 500 was deemed a capital receipt and Rs. 2,000 as income. In the case of an ordinary member transitioning to a life member, the full amount of Rs. 2,000 was considered income. Additionally, for widows of life members becoming life members, Rs. 150 out of Rs. 500 was categorized as a capital receipt, with the remaining Rs. 350 as income. Each party was directed to bear their respective costs. Case-Laws Income Tax Wed, 31 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29575