CIT v. Samtel Color Ltd 2010 (Del.)
Corporate Membership admission fees of club paid by company is fully allowable as REVENUE expenditure.
Employee can be substituted at any point of time.Test of Sec37 is that it should be incurred wholly & exclusively for purpose of business & not towards capital account.
Corporate Membership admission fees of club paid by company is fully allowable as REVENUE expenditure.
Employee can be substituted at any point of time.Test of Sec37 is that it should be incurred wholly & exclusively for purpose of business & not towards capital account.
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