Itxa/5915/2010 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.2311 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. KJMC Capital Market Services Ltd. ..Respondent. Mr. Vimal Gupta for appellant. Mr. A.K. Jasani for respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ.DATED : 16TH OCTOBER, 2009. P.C. :- 1.Heard learned counsel for the parties. Office objections are overruled. Registry is directed to register the appeal. The 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 of the Stock Exchange ? " 2.By consent of parties, appeal is taken up for final hearing. 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 of2006[CIT V/s. M/s. Techno Shares & Stocks Ltd. (with other 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. No order as to costs. (J.P.DEVADHAR, J.) (V.C.DAGA, J.)