Itxa/5914/2010 Of The Commissioner Of Income Tax -4 Mumbai v. Kjmc Capital Market Services Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO. 2309 OF 2009 The Commissioner of Income Tax. V/s.KJMC Capital Market Services Ltd. ... Appellant. ... Respondent. Vimal Gupta for the appellant. Atul K. Jasani for the respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 15[th] October 2009. P.C. :- Office objections are overruled. Office to register the appeal. By consent of parties appeal is taken up for hearing.2.Heard learned counsel for the parties. 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 is allowable on the membership card of the Stock Exchange?” 2.Having heard learned counsel for the parties, appeal is allowed for the reasons recorded in our judgment in the case of CIT V/s. M/s. Techno Shares &Stocks Ltd.in Income Tax Appeal (L) No.971 of 2006 decided by this Court 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.)