Held that club membership fees paid for its executives so that they could establish and maintain business contacts which was in long-term interest of assessee’s business, same is allowed as business expenditure. (AY. 2006-07)
DCIT v. ICICI Bank Ltd. (2025)210 ITD 643 (Mum) (Trib.)
S.37(1): Business expenditure-Club membership fees-Allowable as business expenditure.
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