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).
Mr. PURNA P
Published in Income Tax
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