What is the nature of expenditure incurred by an assessee

Last updated: 27 September 2008

Court :
supreme court

Brief :
Neset Holdings (P) Ltd. v. CIT (2006) Relevant section: 37(1)

Citation :
Neset Holdings (P) Ltd. v. CIT (2006) Relevant section: 37(1)

4. What is the nature of expenditure incurred by an assessee on payment of onetime fee for membership of OTCEI? Neset Holdings (P) Ltd. v. CIT (2006) Relevant section: 37(1) In this case, it was held that expenditure incurred by an assessee on payment of one-time non-refundable fee for membership of OTC Exchange of India is revenue expenditure allowable as deduction under section 37(1).