The assessee received membership fees from its members. The Assessing Officer disallowed the amount credited by the assessee as general reserve and claimed to be capital receipt treating it as revenue receipt. The Commissioner (Appeals) held it to be capital receipt. The Tribunal held that from the date of incorporation of the assessee in the year 1925 onwards, the entrance fees received from the members of the assessee were treated as capital in nature and majority of these orders were passed under section 143(3) of the Income-tax Act, 1961 and relying on the judgment in CIT   v. Diners Business  Services Pvt. Ltd. (2003) 263 ITR 1 (Bom)(HC)  held that any sum paid by a member to acquire the rights of a club was a capital receipt. On appeal High Court affirmed the order of the Tribunal.  (AY. 2009-10)