Itxa/1234/2008 Of The Commissioner Of Income-Tax,Central-Iv,Mum v. M/S Wellworth Shares And Stock Bkoking Lt

N THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1234 OF 2008 The Commissioner of Income Tax ..Appellant. V/s. M/s. Wellworth Shares & Stock Broking Ltd. ..Respondent. Mr. Suresh Kumar for appellant.Mr. Jitendra Singh for respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ.DATED : 23RD SEPTEMBER, 2009. P.C. :- 1.Heard learned counsel for the parties. This appeal was admitted on 17th January, 2009 on the following substantial question of law:- “ Whether on the facts and in the circumstances of the case, the ITAT was justified in law in directing the assessing officer to allow depreciation on Stock Exchange membership card without appreciating the fact that Membership card is not a depreciable asset within the meaning of section 32(1) (ii) ? " 2.Having heard both counsel for the parties, appeal is allowed for the reasons recorded in the Division Bench judgment of this Court in Income Tax Appeal (L) No.971 of 2006[CIT V/s. M/s. Techno Shares & Stocks Ltd.(with other matters) decided on 11[th] September, 2009 since the question sought to be raised relate to the depreciation with regard to BSE membership card. The question is answered in favour of the revenue and against the assessee. No order as to costs. (J.P.DEVADHAR, J.) (V.C.DAGA, J.)