Delhi Stock Exchange Association Limited v. CIT

41 ITR 495Supreme Court of India1961#2748 most cited

What is Delhi Stock Exchange Association Limited v. CIT authority for?

Entrance fees and one-time membership fees received by an association from new members are classified as revenue receipts for the purpose of income tax assessment.

43

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2012 to 2025.

Also referred to as

Delhi Stock Exchange Association v CIT · 41 ITR 495 · Supreme Court 1961 · entrance fees · one-time membership fees · revenue receipt · capital receipt · income of associations · Section 11 Income Tax Act · Section 12 Income Tax Act · taxation of clubs

Sections most often in play

Section 11Section 11(5)Section 12Section 12AASection 13Section 143(3)Section 147Section 148
Read the full judgment

Issues it is cited on

application of income for charitable purposessection 5(b)real income theorysection 80p(1)section 269tsection 269ssection 269sssection 11(1)application of incomesection 273bsection 271dsection 269

Judgments citing Delhi Stock Exchange Association Limited v. CIT

Commissioner of Income Tax vs. M/S. Abhinandan Investment Ltd

ITA/840/2008HC Delhi20 Mar 2015

…to what was the true legal effect of the transaction. Reference was made to several decisions in Kedarnath Jute Mfg. Co. Ltd. v. Commissioner of Income Tax [1971] 82 ITR 363 (SC) ; Delhi Stock Exchange Association Ltd. v. Commissioner of Income Tax [1961] 41 ITR 495 (SC) and First Addl. ITO v. T. M. K. Abdul Kassim [1962] 46 ITR 149 (SC). It was therefore 2015:DHC:2664-DB ITA Nos.25/01, 840/08 & 26/01 Page 11 observed that even if the return filed by the assessee did not set out the proper position that cannot be a reason for not allowing the claim. 11. The ITAT considered the reasoning of the AO a…

Phd Chamber of Commerce & Industry vs. Director of Income Tax - Exemptions

ITA/369/2012HC Delhi19 Oct 2012

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

Section 11Section 11(1)Section 12A

…avour of the view that the services performed by a trade, professional or similar association, such as a chamber of commerce and industry, were in pursuit of a business or trade with a profit motive. 9. la Delhi Stock Exchange Association Ltd. vs. CIT (1997) 225 ITR 235(SC), the approach adopted in the case of a stock exchange was that if there is no obligation that the income from the properties held by the assessee was to be exclusively used for charitable purposes arid if it was open to the assessee, under its constitution, to distribute the whole or part of the income as dividend amongst its shareholders, th…

Phd Chamber of Commerce & Industry vs. Director of Income Tax -Exemptions

ITA/368/2012HC Delhi19 Oct 2012

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

Section 11Section 11(1)Section 12A

…avour of the view that the services performed by a trade, professional or similar association, such as a chamber of commerce and industry, were in pursuit of a business or trade with a profit motive. 9. la Delhi Stock Exchange Association Ltd. vs. CIT (1997) 225 ITR 235(SC), the approach adopted in the case of a stock exchange was that if there is no obligation that the income from the properties held by the assessee was to be exclusively used for charitable purposes arid if it was open to the assessee, under its constitution, to distribute the whole or part of the income as dividend amongst its shareholders, th…