Itxa/231/2010 Of The Commissioner Of Income Tax-4, Mumbai v. D.k. Modi Securities Pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.4163 OF 2008 The Commissioner of Income Tax ..Appellant. V/s. D.K. Modi Securities Pvt. 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 9/7/2009 on the following substantial question of law:- "Whether on the facts and circumstances of the case and in law the Tribunal was right in holding that the depreciation u/s.32 of the I.T. Act is allowable on the membership card of the Stock Exchange even though the membership card of the Stock Exchange is not capable of diminishing in value due to its use, wear and tear and obsolescence and further the membership card of the Stock Exchange is not owned by the assessee company but only a personal privilege given by the stock exchange to its members ? " 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.)