Industries after
accepting membership fee amount of Rs.9,000/- under Membership fee receipt no.MB SAP 142 dt. 27.03.1999, issued refundable
membership fee receipt ... paying fees of Rs.9,000/- under membership fee receipt no.MB SAP 142 dt.27.03.1999, which is a refundable membership fee receipt
such as "Clublink Membership", "Barter Membership",
"Synergy Membership" etc. There is no life membership in the Club ... assessee has spread
over the amounts of refundable and non refundable membership fees over the
period of the particular term that the member had opted
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
allowed and the
opposite party was directed to refund the membership fee of
Rs.1,25,708/- and to pay a compensation and costs ... obtaining the membership carried the
rules and regulations and as per regulation 15 thereof, the
membership fee was not refundable. No doubt, such a regulation
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
annual fees and SEBI fees is not
justified in seeking refund of the non-refundable amount of ` 20 lac paid
towards admission fees ... towards onetime, non-refundable membership fees
and ` 1.5 lac towards annual membership fees, for the period ending
September 1995). Since the appellant failed to comply
liable to refund the membership fees as it being not a deposit but is purely a fee towards membership. The O.Ps. therefore denied ... duty to provide the membership card disentitles them to retain the membership fee under the pretext that it is non refundable and it constitutes deficiency
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facilities to its members. The assessee initially collects a non-
refundable membership fee from the members and also collects
annual maintenance fee separately
