Club Membership Fees Paid By ICICI Bank For Employees Are To Be Treated As Business Expenditure: ITAT

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has observed that club membership fees for employees are to be treated as business expenditures of a company under Section 37 of the Income Tax Act.The Bench of Amit Shukla (Judicial Member) and Padmavathy S. (Accountant Member) has upheld the decision of the CIT (A) and deleted the disallowance made by the AO by relying on its own...