Held that\u00a0 contribution to Investor Service Fund, as per SEBI\u2019s 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.\u00a0\u00a0 The Tribunal also held that the Auditors\u00a0 did not report the club membership\u00a0 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)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.37(1): Business expenditure-Contributions to the Investors Service Fund is mandatory-Club membership fees of directors-Allowable as business expenditure. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-55549","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-erX","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55549","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=55549"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55549\/revisions"}],"predecessor-version":[{"id":55550,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55549\/revisions\/55550"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55549"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55549"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55549"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}