Itxa/5165/2010 Of The Commissioner Of Income Tax - 4 Mumbai v. Stanford Securities Pvt Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL (L) NO.2581 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. Stanford Securities Pvt. Ltd. ..Respondent. Mr. Vimal Gupta for appellant. None for respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ.DATED : 30TH NOVEMBER, 2009. P.C. :- 1.Heard learned counsel for the revenue. Office objections are overruled. Registry is directed to register the appeal. At the instance of the revenue, appeal is taken up for admission. 2.This appeal is admitted on the following substantial question of law:- “ Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that depreciation u/s.32 of the Income Tax Act amounting to Rs.42,57.187/- is allowable on the membership card of the stock exchange ? " 3.Nobody appeared on behalf of the respondent, though served. Having heard learned counsel for the revenue, 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. (withother matters)decided on 11[th] September, 2009 since the questions 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. The appeal is disposed of accordingly with no order as to costs. (J.P.DEVADHAR, J.) (V.C.DAGA, J.)