Held that  contribution to Investor Service Fund, as per SEBI’s Circular No. Ref. SE/10118, dt. 12th Oct., 1992, ISF are to be utilized primarily for the promotion of investor education and investor awareness programme. The contribution and utilization of the funds is mandatory which are directly related to the business activity of the assessee hence allowable as business expenditure.   The Tribunal also held that the Auditors  did not report the club membership  amount in the column of personal expense in Form 3CD but in the prescribed column of expenses on club etc., which is only for the reporting purposes. Allowable as business expenditure. (AY. 2018-19)