Friday, March 20, 2015

[aaykarbhavan] Non-refundable membership fees received by a club has to be taxed by spreading it over membership period



Non-refundable membership fees received by a club has to be taxed by spreading it over membership period

March 20, 2015[2015] 55 taxmann.com 201 (Bombay)
IT: Leasehold rights in property brought in by partner as its share would form part of assets of firm and on termination of lease compromise amount paid by firm was allowable as deduction in firm's hands
IT: Non-refundable membership deposit collected from members of club was to be spread over operational period of membership deposit
 
Regards
Prarthana Jalan


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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>


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