29 June 2009
our company has received Life Time Membership fees from the members during the Financial year 2005-2006. The case was selected for scrutiny and the order passed u/s. 143[3] of the IT Act. Thereafter, we have recived letter from the IT Dept. that there is an audit objection regarding Life time Membership fees. We have shown the amount of Life Time Membership fees under the head "Reserves & Surplus" in Balancesheet. Pl. advise for the same
CAclubindia
