The Supreme Court has dismissed the special leave petition filed by the Department against High Court decision @ [2023] 450 ITR 707 (Bom)wherein it is held that the entrance fees received by the race course club from its members are capital receipts.
Thus entrance fees or membership fees paid to acquire any right of club would be exempt from tax and the receipient could thus show them directly in the balance sheet as part of reserves.
Membership/Entrance fee receipts are tax exempt——department slp dismissed by Supreme Court
