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Section 37(1) of the Income-tax Act, 1961—Business expenditure—Payment received towards membership of club is to be taxed in the given year of its receipt.
Facts: Whether the payment received towards membership of club is to be taxed in the given year of its receipt.
Held, that the treatment in the concerned year of receipt is in accordance with the principles of accountancy. No question of law therefore arises. - PR. CIT V/s DLF HOME DEVELOPERS LTD. - [2019] 9 ITCD Online 102 (DEL)