1

Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib) 176
1

It is assessee’s choice to select a method for determining FMV of shares vide 81 ITR (Trib) (SN) 78
1

No TP adjustment of trade receivables in case of a debt-free company vide 81ITR (Trib) (SN) 94
1

To accord registration as a charitable institution under income tax dominant purpose must be charitable and satisfies the conditions laid down us 2(15) vide 426ITR108 despite having non charitable ancillary objects meant to achieve the dominant purpose
1

Transactions with dubious entities is reason enough for case reopening vide 421ITR624

Membership/Entrance fee receipts are tax exempt——department slp dismissed by Supreme Court

ByCA Gopal Nathani

Jan 30, 2023

The Supreme Court has dismissed the special leave petition filed by the Department against High Court decision @ [2023] 450 ITR 707 (Bom)wherein it is held that the entrance fees received by the race course club from its members are capital receipts.

Thus entrance fees or membership fees paid to acquire any right of club would be exempt from tax and the receipient could thus show them directly in the balance sheet as part of reserves.