Corporate Membership Expense to Be Apportioned Over 10 Years, Not 15, Per AS 26 and Accounting Principles.

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....Capital vs revenue expenditure – Following the matching concept, the materiality concept and Accounting Standard AS 26 in the assessee's case before us, the amount of Rs.15 lakhs claimed as expenses towards corporate membership for a period of 15 years has to be apportioned in ten years proportionately from the date of obtaining the membership. - AT....