https://www.taxtmi.com/caselaws?id=464375 ITAT MUMBAI allowed the deduction of annual club membership fees under section 37(1), following a favorable decision of the jurisdictional HC and prior Tribunal orders, ruling for the assessee against the revenue. On the capital gains issue, the Tribunal held for the revenue: where section 50 treats income from a depreciable asset as short-term capital gain, the preferential rate under section 112(1) does not apply, and the issue was decided against the assessee in line with earlier assessments. en-us Fri, 24 Feb 2012 00:00:00 +0530 Mon, 27 Oct 2025 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464375 ITAT MUMBAI allowed the deduction of annual club membership fees under section 37(1), following a favorable decision of the jurisdictional HC and prior Tribunal orders, ruling for the assessee against the revenue. On the capital gains issue, the Tribunal held for the revenue: where section 50 treats income from a depreciable asset as short-term capital gain, the preferential rate under section 112(1) does not apply, and the issue was decided against the assessee in line with earlier assessments. Case-Laws Income Tax Fri, 24 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464375