https://www.taxtmi.com/caselaws?id=309096 The ITAT allowed the appeal, deleting the addition made by the AO regarding the treatment of capital contributions as revenue income. The ITAT considered the nature of the contributions and previous decisions, determining that the one-time membership fee was not for services rendered in one year but for long-term obligations. The fee created a debt against the assessee, to be discharged over 99 years by providing capital structure for effluent discharge. Consequently, the ITAT ruled in favor of the assessee, overturning the AO's decision. en-us Fri, 12 Aug 2011 00:00:00 +0530 Thu, 10 Aug 2023 15:21:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309096 The ITAT allowed the appeal, deleting the addition made by the AO regarding the treatment of capital contributions as revenue income. The ITAT considered the nature of the contributions and previous decisions, determining that the one-time membership fee was not for services rendered in one year but for long-term obligations. The fee created a debt against the assessee, to be discharged over 99 years by providing capital structure for effluent discharge. Consequently, the ITAT ruled in favor of the assessee, overturning the AO's decision. Case-Laws Income Tax Fri, 12 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309096