Held that by subscribing to the membership of the club, no capital asset was created or brought into existence. The privilege to use the facilities of the club was alone conferred on the assessee and that too for a limited period. The expenses were for running the business with a view to produce benefits to the assessee. It could not be said that the subscription fee expenditure was for the employees’ personal use. The welfare of the employees secured therefrom went towards running the assessee’s business and in producing business benefits.  (AY.2003-04)