Non refundable
membership fees" and "Refundable membership fees". The assessee has spread
over the amounts of refundable and non refundable membership fees ... non refundable fees collected from the members and thus
the method followed by the assessee of apportioning the non refundable fees for
the number
Assessing Officer by treating the expenditure on account of non-refundable membership fees paid to OTCEI (Over the Counter Exchange of India) as a capital ... lakhs to Ludhiana Stock Exchange. The assessee also paid non-refundable membership fees of Rs. 20 lakhs to OTCEI. In the return of income filed
treating the expenditure on account of non-refundable membership fees paid to OTCEI (Over the Counter Exchange of India) as a capital expenditure. Relating ... lakhs to Ludhiana Stock Exchange. The assessee also paid non-refundable membership fees of Rs. 20 lakhs to OTCEI. In the return of income filed
made by the assessing
officer made on account of non-refundable membership fees. "
4. First we will take up the appeal filed ... made by the assessing
officer on account of non-refundable membership fee. The assessing officer had made
disallowance on account of non refundable membership fee
annual
membership fees. The fees received from the members as
membership fees are taken in profit and loss account
based on the time proportion basis ... membership is applicable only in the case of
foreigners. In this case, the club charges a sum $4,500/-
as membership fees. Membership fees
2019
facilities to its members. The assessee initially collects a non-
refundable membership fee from the members and also collects
annual maintenance fee separately
made by the Assessing Officer on account
of non-refundable membership fee. The assessee received Rs.9,43,17,471/-
as non-refundable membership fees
Assessee, AO
made addition of balance amount of non-refundable membership fee
of Rs. 3,46,46,421/-, following the orders of Assessment Years ... individual. The membership
fee consisted of two parts. Non-refundable fee; which
was paid upfront and then periodical monthly payment
Membership fee paid upfront
illegally collected "service
tax" and interest thereon, non-refundable entrance fee and annual
membership fee, cumulative interest on interest in the event ... interest thereon", "non-refundable entrance
fee", "non-refundable annual membership fee" and "interest on
capital increments after every month
Income Tax Act. In this case, the assessee received the
non-refundable membership fees on execution of agreement promising to
provide right of occupancy ... members on payment of
prescribed fees called us membership fees. Being one-time fees and non-
refundable valid for specific period from one to thirty
