Expenses incurred towards club membership fee of employees is business expenditure: ITAT grants relief to ICICI Bank [Read Order]

Mumbai ITAT decides to allow depreciation claims on leased assets continuing from previous lease transactions while providing ICICI Bank with relief
business- expenditure - ITAT- ICICI Bank - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench, while granting relief to assessee ICICI Bank, held that expenses incurred towards the club membership fee of employees are business expenditure. The assessee, ICICI Bank Ltd, is engaged in the business of banking and related activities. The Assessing Officer (AO) noticed from the Tax Audit Report that…

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