Itxa/1701/2009 Of The Commissioner Of Income Tax - 2, Mumbai v. M/S Anand Rathi Securities P Ltd., Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1701 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. M/s. Аnand Rathi Securities P. Ltd. ..Respondent. Mr. Vimal Gupta for appellant. Ms. Aasifa Khan for respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ.DATED : 11TH SEPTEMBER, 2009. P.C. :- 1.Heard learned counsel for the parties. This appeal was admitted on 7/7/2009 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 upholding the order learned CIT(A) in directing 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. Accordingly, 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.)