Court :
High Court
Brief :
Membership and entry of a dealer in the OTC Exchange was only on payment of non-refundable deposits, upon the non payment of which the assessee would have been termed as an "inactive" member. This payment could not be treated as one of an "enduring nature" and thus was deductible as revenue expenditure.
Citation :
Neset Holdings P. Ltd. Vs. C.I.T.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CAclubindia
