Assessee-company was engaged in club activities.It collected life membership fee from those who wanted to become its members-Assessee claimed that one time non-transferable and non-refundable sum paid by a member to acquire rights of club was a capital receipt.Assessing Officer treated said amount as revenue receipt.Tribunal confirmed order of Assessing Officer. On appeal the Court held that  any sum paid by a member to acquire rights of club is a capital receipt, therefore, one time life membership fee received by assessee-club was to be treated as capital receipt and not taxable as income.(AY. 2001-02 to 2005-06)