One time Club Membership Fee is not a capital expenditure.

One time expenditure incurred for the Club Membership Fee is of a capital nature?

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH, Commissioner of Income Tax-I, Ludhiana Versus M/s Upper India Steel Mfg. and Engg. Co. Ltd., held that one time expenditure for club membership fee is revenue expenditure despite of the fact the the benefit of the same will accrue more than a year.

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Assessee not an assessee in default for not collecting TCS

If any assessee obtained declaration from “Scrap Buyers” for not collecting TCS and consequently assessee failed to deliver copy of declaration before CCIT/CIT as required under section 206C(1B). Is assessee will be treated as an assessee in default?

NO, as per ruling of ITAT Ahemdabad, K.P.G Enterprise Vs ITO, TDS-4 dated 14/08/2014, where as under :- Continue reading