Life Membership Fees received by AOP is Capital Receipt, Not Taxable: ITAT [Read Order]

Life membership fees - AOP - Capital Receipt - ITAT - taxscan

Income Tax Appellate Tribunal (ITAT), Jaipur Bench consisting of Sandeep Gosain, Judicial Member and Rathod Kamalesh Jayantibhai, Accountant Member held that Life membership fees received by AOP is Capital Receipt hence Not Taxable. The assessee society, The Jewellers Association is registered u/s 12A . It is a trade association carrying out activities for upliftment of…

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