Itxa/6315/2010 Of The Commissioner Of Income Tax-4 Mumbai v. Amu Shares And Securities Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL (L) NO.971 OF 2006ANDINCOME TAX APPEAL NO.218 OF 2007 Commissioner of Income Tax - 4,3rd floor, Aayakar Bhavan,M.K. Road, Mumbai - 400 020 ..Appellant. V/s. M/s. Techno Shares & Stocks Limited1st Floor, 93 Mumbai Samachar Marg,Engineer Premises, Mumbai - 400 023 ..Respondent Mr.Vimal Gupta for the appellant.Mr.F.V. Irani with Mr.P.C. Tripathi & Ms.Vandana Rawale for the respondent. INCOME TAX APPEAL NO.157 OF 2008 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. J.M. Morgan Stanley Retail Services Ltd.141, Maker Chambers III, Nariman Point, Mumbai- 400 021..Respondent. Mr. Vimal Gupta for appellant.Dr. K. Shivram with A.R. Singh & P.S. Savla for respondent. AND INCOME TAX APPEAL (L) NO.958 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s.M/s. J.M. Morgan Stanley Retail Services Ltd.141, Maker Chambers III, Nariman Point, Mumbai- 400 021 ..Respondent. Mr. Suresh Kumar for appellant. Dr. K. Shivram with A.R. Singh & P.S. Savla for respondent. ANDINCOME TAX APPEAL (L) NO.1328 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s.M/s. J.M. Morgan Stanley Retail Services Ltd.141, Maker Chambers III, Nariman Point, Mumbai- 400 021 ..Respondent. Mr. Ram Upadhyay for appellant.Dr. K. Shivram with A.R. Singh for respondent. AND INCOME TAX APPEAL NO.375 OF 2008The Commissioner of Income Tax-4,6th floor Aayakar Bhavan, M.K. Road, Mumbai-400 021. ..Appellant. V/s.M/s. J.M. Morgan Stanley Securities,Forbes Building, Charanjit Rai Margt, Fort, Mumbai- 400 021 ..Respondent. Mr. Vimal Gupta for appellant. Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for respondent. AND INCOME TAX APPEAL (L) NO.258 OF 2009 The Commissioner of Income Tax-4,6th floor Aayakar Bhavan, M.K. Road, Mumbai-400 020. V/s. ..Appellant. M/s. J.M. Morgan Stanley Securities,Forbes Building, Charanjit Rai Margt, Fort, Mumbai- 400 001 ..Respondent. Ms. Padma Divekar for appellant. Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for respondent. AND INCOME TAX APPEAL (L) NO.946 OF 2007 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s.M/s. Gupta Equities Pvt. Ltd. 37, Haman Street, Opp. Haman House, AmbalalDoshi Marg, Fort, Mumbai- 400 023. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL (L) NO.959 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020...Appellant. V/s. M/s. J.M. Morgan Stanley Retail Services Ltd.Appejay House, 3rd Floor, Dinshaw Vaccha Road.Mumbai- 400 020 ..Respondent. Mr. Suresh Kumare for appellant.Dr. K. Shivram with A.R. Singh & P.S. Savla for respondent. AND INCOME TAX APPEAL (L) NO.259 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Kotak Securities Ltd..1st Floor, Bakthawar, 229, Nariman Point, Mumbai- 400 021..Respondent. Mr. R.B. Upadhyay for appellant.Mr. F.V. Irani with A.K. Jasani for respondent. AND INCOME TAX APPEAL NO.158 OF 2008 The Commissioner of Income Tax-4,3rd Floor, Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Stanford Trading Co. Pvt. Ltd. C/o. Devji Hirji Investment Co., HindRajasthan Chamber, 3rd Floor,6 Oak Lane, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL NO.756 OF 2009ANDINCOME TAX APPEAL NO.496 OF 2007 The Commissioner of Income Tax-4,6th Floor Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Pas Securities Pvt. Ltd.PS-II Rotunda BSF Building, Dalal Street,Fort, Mumbai- 400 023 ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL NO.718 OF 2007ANDINCOME TAX APPEAL NO.100 OF 2008 AND INCOME TAX APPEAL NO.158 OF 2008 The Commissioner of Income Tax-4,3rd Floor, Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Stanford Trading Co. Pvt. Ltd. C/o. Devji Hirji Investment Co., HindRajasthan Chamber, 3rd Floor,6 Oak Lane, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL NO.756 OF 2009ANDINCOME TAX APPEAL NO.496 OF 2007 The Commissioner of Income Tax-4,6th Floor Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Pas Securities Pvt. Ltd.PS-II Rotunda BSF Building, Dalal Street,Fort, Mumbai- 400 023 ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL NO.718 OF 2007ANDINCOME TAX APPEAL NO.100 OF 2008 The Commissioner of Income Tax,Mumbai City-4, Aayakar Bhavan,M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Shivnarayan Nemani Share & Stock BrokersPvt. Ltd. 9/42, 2nd floor, Bhupen Chambers, Dalal Street, Fort, Mumbai- 400 023. ..Respondent. Mr. Vimal Gupta for appellant.Ms. Pallavi Divekar for respondent. AND INCOME TAX APPEAL (L) NO.934 OF 2009 The Commissioner of Income Tax-4,6th Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Citigroup Global Markets India P. Ltd.4th Floor, Bakhtawar, Nariman Point, Mumbai- 400 021Mrs. Padma Divekar for appellant.None for respondent. ..Respondent. AND INCOME TAX APPEAL (L) NO.935 OF 2009 The Commissioner of Income Tax-4,6th floor, Akar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Prabhudas Liladhar P. Ltd.702, Raheja Centre, Free Press Journal Marg,Nariman Point, Mumbai- 400 021. ..Respondent. Mrs. Padma Divekar for appellant.None for respondent.AND INCOME TAX APPEAL (L) NO.89 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, Mumbai-400 020. ..Appellant. V/s.Dynamic Stock Broking (I) Pvt. Ltd.Rehman Building, 4th Floor, 24, VeerNariman Road, Opp. Akbarally's.Fort, Mumbai - 400 023...Respondent.Mr. Vimal Gupta for appellant.None for respondent.AND INCOME TAX APPEAL (L) NO.3010 OF 2008 The Commissioner of Income Tax-4,Mumbai, Room No.629, Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Rosy Blue Securities P. Ltd.,154/C, Mittal Court, Nariman Point,Mumbai - 400 021. ..Respondent. Mr. P.S. Sahadevan for appellant.None for respondent. ANDINCOME TAX APPEAL NO.882 OF 2008ANDINCOME TAX APPEAL NO.883 OF 2008 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. Shilpa Stock Broker Pvt. Ltd.5, Natvar Chamber, 1st Floor, NagindasMaster Road, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant. Dr. K. Shivram with A.R. Singh & P.S. Savla for respondent. ANDINCOME TAX APPEAL NO.769 OF 2009ANDINCOME TAX APPEAL NO.776 OF 2009ANDINCOME TAX APPEAL NO.777 OF 2009ANDINCOME TAX APPEAL (L) NO.2596 OF 2008 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhava, M.K. Road,Mumbai - 400 020...Appellant. V/s. M/s. R.R. Chokhani Stock Brokers Pvt. Ltd.9/16-D, Fort Mansion, British Hotel Lane,B.S. Marg, Mumbai - 400 023...Respondent. Mr. Vimal Gupta for appellant. Mr. A.K. Jasani with P.C. Tripathi & Ms. Vandana Rawale for respondent. AND INCOME TAX APPEAL (L) NO.373 OF 2009 The Commissioner of Income Tax-4,having office at Aayakar Bhavan, M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. K. Damani Securities Pvt. Ltd.,5, Surya Mahal, 1st Floor, Bhurjorji BharuchaMarg, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL (L) NO.1330 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, Maharshi Karve Road,Mumbai - 400 020. ..Appellant. V/s.M/s.Kaynet Capital Ltd.10B,3rd floor, Haji Kasam Bldg.,56, Tamarind Lane, Mumbai-400 001...Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL NO.271 OF 2009ANDINCOME TAX APPEAL NO.272 OF 2009 The Commissioner of Income Tax-4,Room No.501, 5th Floor, Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. The Commissioner of Income Tax-4,having office at Aayakar Bhavan, M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. K. Damani Securities Pvt. Ltd.,5, Surya Mahal, 1st Floor, Bhurjorji BharuchaMarg, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL (L) NO.1330 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, Maharshi Karve Road,Mumbai - 400 020. ..Appellant. V/s.M/s.Kaynet Capital Ltd.10B,3rd floor, Haji Kasam Bldg.,56, Tamarind Lane, Mumbai-400 001...Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL NO.271 OF 2009ANDINCOME TAX APPEAL NO.272 OF 2009 The Commissioner of Income Tax-4,Room No.501, 5th Floor, Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Dhyan Stock Broking Pvt. Ltd.305/A, Vikas Bldg., 3rd Floor, 11,Bank Street, Mumbai- 400 023..Respondent. Mr. Suresh Kumar for appellant.Mr. A.K. Jasani with P.C. Tripathi & Ms. Vandana Rawle for respondent. AND INCOME TAX APPEAL (L) NO.1327 OF 2009ANDINCOME TAX APPEAL (L) NO.1332 OF 2009 The Commissioner of Income Tax,having his office at Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Joindre Capital Services Ltd.,32, Rajbahadur Mansion, Ground Floor,Samachar Marg, Fort, Mumbai-400 023. ..Respondent. Mr. Ram Upadhyay for appellant.None for respondent. AND INCOME TAX APPEAL (L) NO.3886 OF 2008 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Marg,Mumbai - 400 020. ..Appellant. V/s. M/s. Parklight Investment Pvt. Ltd.,Bombay Mutual Chambers, Block No.36,19/21, Ambalal Doshi Marg, Mumbai-400 023...Respondent. Mrs. Devki Iyer for appellant.None for respondent. ANDINCOME TAX APPEAL NO.136 OF 2008ANDINCOME TAX APPEAL (L) NO.4144 OF 2008 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020 ..Appellant. V/s.M/s. Jagdish Dalal Shares Securities Pvt. Ltd.,2nd Floor, Engineer House, 86, BombaySamachar Marg, Mumbai - 400 023...Respondent. Mr. Vimal Gupta for appellant.Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for respondent. AND INCOME TAX APPEAL NO.1028 OF 2008 The Commissioner of Income Tax,Central-II, 4th floor, Aayakar Bhavan,M.K. Road, Mumbai- 400 020. ..Appellant. V/s.M/s. Ohm Stock Broker P. Ltd.,Room No.507, Rotunda Bldg.,B.S. Marg, Fort, Mumbai - 400 001.Mr. P.S. Sahadevan for appellant.None for respondent. ..Respondent. AND INCOME TAX APPEAL (L) NO.326 OF 2009 The Commissioner of Income Tax,6th floor, Aayakar Bhavan,M.K. Road, Mumbai- 400 020...Appellant. V/s.M/s. Ohm Stock Broker P. Ltd.,155-C, Mittal Tower, Nariman Point,Mumbai - 400 001. ..Respondent. Mr. Vimal Gupta for appellant.Dr. K. Shivram with A.R. Singh for respondent. AND INCOME TAX APPEAL NO.1127 OF 2007 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s.M/s. Santco Securities & Financial Services Ltd.,196, Makhija Chambers, Turner Road, Bandra (W),Mumbai - 400 050. ..Respondent. Mr. Vimal Gupta for appellant.Mr. Balkrishna V. Jhaveri with Preeti Shukla for respondent. AND INCOME TAX APPEAL (L) NO.3638 OF 2008AND INCOME TAX APPEAL (L) NO.3642 OF 2008ANDINCOME TAX APPEAL (L) NO.3643 OF 2008ANDINCOME TAX APPEAL (L) NO.3695 OF 2008 The Commissioner of Income Tax-4,having his office at 6th Floor, Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Bakliwal Securities Pvt. Ltd.,19/21, Ambalal Doshi Marg, 63, Bombay Mutual Chambers, Fort, Mumbai - 400 023 ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL (L) NO.3684 OF 2008 The Commissioner of Income Tax-4, 6th Floor, Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Visaria Securities Pvt. Ltd.,301-A,Commerce House, 140,N.M. Road, Fort, Mumbai - 400 023 ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL (L) NO.3194 OF 2008 INCOME TAX APPEAL (L) NO.3642 OF 2008ANDINCOME TAX APPEAL (L) NO.3643 OF 2008ANDINCOME TAX APPEAL (L) NO.3695 OF 2008 The Commissioner of Income Tax-4,having his office at 6th Floor, Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Bakliwal Securities Pvt. Ltd.,19/21, Ambalal Doshi Marg, 63, Bombay Mutual Chambers, Fort, Mumbai - 400 023 ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL (L) NO.3684 OF 2008 The Commissioner of Income Tax-4, 6th Floor, Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Visaria Securities Pvt. Ltd.,301-A,Commerce House, 140,N.M. Road, Fort, Mumbai - 400 023 ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL (L) NO.3194 OF 2008 The Commissioner of Income Tax, Central-IV,Room No.660, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. Nirmal Bang Securities P. Ltd.,37 Khatau Building, 2nd Floor,Alkesh Dinesh Mody Marg, Fort,Mumbai - 400 023. ..Respondent. Mr.Suresh Kumar for appellant. Mr. A.K. Jasani for respondent. AND INCOME TAX APPEAL (L) NO.3195 OF 2008 The Commissioner of Income Tax, Central-IV,Room No.660, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. Bang Securities P. Ltd.,38-B, Khatau Building, 2nd Floor,Alkesh Dinesh Mody Marg, Fort,Mumbai - 400 023. ..Respondent. Mr. Suresh Kumar for appellant.Mr. A.K. Jasani for respondent. ANDINCOME TAX APPEAL (L) NO.1942 OF 2006 ANDINCOME TAX APPEAL (L) NO.3451 OF 2008ANDINCOME TAX APPEAL (L) NO.360 OF 2009 The Commissioner of Income Tax-4,having his office at Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s.Bhavik Rajesh Khandar Shares & Stock Brokers Pvt. Ltd., 278, Jeevan Udyog Bldg., Above KhadiBhandar, D.N. Road, Fort, Mumbai-400 001...Respondent. Mr. Vimal Gupta for appellant.Mr. S.G. Dalal for respondent. ANDINCOME TAX APPEAL (L) NO.3452 OF 2008ANDINCOME TAX APPEAL (L) NO.1108 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020 ..Appellant. V/s. M/s. D.J. Shah Securities Pvt. Ltd.9, Khatau Bldg., 8-10, A.D. Mody Marg,Fort, Mumbai - 400 001. ..Respondent. Mr. Vimal Gupta for appellant.Mr. Denzil D'mello for respondent. AND INCOME TAX APPEAL NO.544 OF 2008 The Commissioner of Income Tax-4,Room No.629, Aayakar Bhavan, M.K. Road, Mumbai-400 020 ..Appellant. V/s. M/s. Wallfort Financial Services Ltd.,205, Gundecha Chambers Nagindas MasterRoad, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL NO.920 OF 2008 The Commissioner of Income Tax-4,having his office at Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. KJMC Capital Market Services Ltd.,168, Atlanta, 16th Floor, Nariman Point,Mumbai - 400 021. ..Respondent. Mr. Vimal Gupta for appellant.Mr. R. Murlidhar with P.C. Tripathi & Vandana Rawale for respondent. AND INCOME TAX APPEAL NO.32 OF 2008 The Commissioner of Income Tax-4,Room No.629, Aayakar Bhavan, M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Sunidhi Consulatancy Services Ltd., Maker Chambers IV, 14th Floor,Nariman Point, Mumbaio - 400 021. ..Respondent. Mr. Vimal Gupta for appellant.Mr. Subhash S. Shetty for respondent. ANDINCOME TAX APPEAL (L) NO.729 OF 2009AND INCOME TAX APPEAL (L) NO.732 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, Mumbai - 400 020. ..Appellant. V/s. M/s. Phoneix Shares & Stock Broking P. Ltd.,Rehman Building, 4th Floor, Veer NarimanRoad, Fort, Mumbai - 400 023. ..Respondent. Mrs. Padma Divekar for appellant.Mr. S.C. Tiwari for respondent. AND INCOME TAX APPEAL (L) NO.359 OF 2009 The Commissioner of Income Tax-4.having his office at Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Jhunjhunwala Stock Brokers P. Ltd..16/1 Khatau Building, Alkesh Dinesh ModiMarg, Fort, Mumbai- 400 014. ..Respondent. ..Respondent. Mr. Vimal Gupta for appellant.Mr. Subhash S. Shetty for respondent. ANDINCOME TAX APPEAL (L) NO.729 OF 2009AND INCOME TAX APPEAL (L) NO.732 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, Mumbai - 400 020. ..Appellant. V/s. M/s. Phoneix Shares & Stock Broking P. Ltd.,Rehman Building, 4th Floor, Veer NarimanRoad, Fort, Mumbai - 400 023. ..Respondent. Mrs. Padma Divekar for appellant.Mr. S.C. Tiwari for respondent. AND INCOME TAX APPEAL (L) NO.359 OF 2009 The Commissioner of Income Tax-4.having his office at Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Jhunjhunwala Stock Brokers P. Ltd..16/1 Khatau Building, Alkesh Dinesh ModiMarg, Fort, Mumbai- 400 014. ..Respondent. Mrs. Padma Divekar for appellant.Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for respondent. AND INCOME TAX APPEAL (L) NO.82 OF 2009 The Commissioner of Income Tax-4.having his office at Aayakar Bhavan,M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. Jhunjhunwala Stock Brokers P. Ltd..16/1 Khatau Building, Alkesh Dinesh Modi Marg, Fort, Mumbai- 400 014. ..Respondent. Mr. Vimal Gupta for appellant.Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for respondent. AND INCOME TAX APPEAL (L) NO.363 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, Mumbai - 400 020. ..Appellant. V/s.India Broking Ltd., PS-18 'Rotunda', The Stock Exchange, Bombay Samachar Marg, Mumbai - 400 001...Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL NO.1042 OF 2009ANDINCOME TAX APPEAL NO.1044 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. Networth Stock Broking Ltd.,102, Natwar Chambers, Nagindas MasterRoad, Fort, Mumbai - 400 023...Respondent. Mrs. Padma Divekar for appellant.Mr. B.V. Jhaveri for respondent. ANDINCOME TAX APPEAL NO.1314 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. HDFC Securities Ltd.,Trade World, "E" Wing, Kamala Mills,Compound, Lower Parel, Mumbai - 400 010. ..Respondent. Mr. Vimal Gupta for appellant. Mr. A.K. Jasani for respondent. AND INCOME TAX APPEAL NO.1309 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K.Road, Mumbai-400 020. ..Appellant. V/s.M/s. ICICI Brokerage Services Ltd.,163, Backbay Reclamation, H.T. ParekhMark, Churchgate, Mumbai-400 020. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent.AND INCOME TAX APPEAL (L) NO.1130 OF 2008The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K.Road,Mumbai - 400 020. ..Appellant. V/s. M/s. Credit Suisse first Boston (India) Pvt. Ltd.Ceejay House, Plot F, Shiv Sagar Estate, Dr. A.B.Road, Worli, Mumbai - 400 018. ..Respondent. Mr. Vimal Gupta for appellant.Mr. F.V. Irani with A.K. Jasani for respondent. AND INCOME TAX APPEAL (L) NO.1249 OF 2009 The Commissioner of Income Tax-2,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s.Anand Rathi Securities Pvt. Ltd.,3rd floor, J.K. Somani Building, British Hotel Lane,B.S. Marg, Fort, Mumbai-400 023...Respondent.Mr. Vimal Gupta for appellant.Mr. A.K. Jasani for respondent. AND INCOME TAX APPEAL NO.1315 OF 2009 The Commissioner of Income Tax-4, Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Creative Global Stock Broking Ltd.,401, Sun Industrial Estate, Sun Mill Compound,Lower Parel, Mumbai - 400 013. ..Respondent. Mr. Vimal Gupta for appellant.Mr. K. Gopal for respondent. AND INCOME TAX APPEAL NO.1352 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K.Road,Mumbai. ..Appellant. V/s. M/s. Brijmohan Sagarmal Capital Services Pvt. Ltd.,203, Unique Tower, Near Kamath Club, Gaikwadi,Off. S.V. Road, Goregaon (W), Mumbai-400 062. ..Respondent. Mr. Vimal Gupta for appellant.Mr. P.R. Toprani for respondent. AND INCOME TAX APPEAL (L) NO.1812 OF 2008 AND INCOME TAX APPEAL NO.1315 OF 2009 The Commissioner of Income Tax-4, Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Creative Global Stock Broking Ltd.,401, Sun Industrial Estate, Sun Mill Compound,Lower Parel, Mumbai - 400 013. ..Respondent. Mr. Vimal Gupta for appellant.Mr. K. Gopal for respondent. AND INCOME TAX APPEAL NO.1352 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K.Road,Mumbai. ..Appellant. V/s. M/s. Brijmohan Sagarmal Capital Services Pvt. Ltd.,203, Unique Tower, Near Kamath Club, Gaikwadi,Off. S.V. Road, Goregaon (W), Mumbai-400 062. ..Respondent. Mr. Vimal Gupta for appellant.Mr. P.R. Toprani for respondent. AND INCOME TAX APPEAL (L) NO.1812 OF 2008 The Commissioner of Income Tax-4, Aayakar Bhavan, M.K.Road, Mumbai-400 020. ..Appellant. V/s.M/s. Brijmohan Sagarmal Capital Services Pvt. Ltd.,412, Stock Exchange Tower, Dalal Street,Mumbai-400 023...Respondent. Mr. Vimal Gupta for appellant.Mr. P.R. Toprani for respondent. AND INCOME TAX APPEAL (L) NO.1505 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020...Appellant. V/s. M/s. Amu Shares and Securities Ltd.,Crescent Chambers, 4th Floor, Horni ModiCross Road, Fort, Mumbai-400 023. ..Respondent. Mr. Ram Upadhyay for appellant.Mr. A.K. Jasani for respondent. AND INCOME TAX APPEAL (L) NO.3014 OF 2008 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020...Appellant. V/s. M/s. Amu Shares and Securities Ltd.,Crescent Chambers, 4th Floor, Horni ModiCross Road, Fort, Mumbai-400 023...Respondent. Mr. Vimal Gupta i/b. Devki Iyer for appellant.Mr. A.K. Jasani for respondent. AND INCOME TAX APPEAL (L) NO.916 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s.M/s. Amu Shares and Securities Ltd.,Crescent Chambers, 4th Floor, Horni ModiCross Road, Fort, Mumbai-400 023...Respondent. Mrs Padma Divekar for appellant.None for respondent. ANDINCOME TAX APPEAL (L) NO.1620 OF 2008ANDINCOME TAX APPEAL (L) NO.1622 OF 2008ANDINCOME TAX APPEAL (L) NO.1630 OF 2008 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. Ramesh S. Damani Finance P. Ltd.,619, P.J. Tower, Dalal Street, Fort,Mumbai - 400 001. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL (L) NO.1542 OF 2009ANDINCOME TAX APPEAL (L) NO.1754 OF 2009ANDINCOME TAX APPEAL (L) NO.1755 OF 2009ANDINCOME TAX APPEAL (L) NO.1756 OF 2009 The Commissioner of Income Tax Central-III,1st Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. Lark Consultancy Pvt. Ltd.,Moti Sagar, Ground Floor, Mulund(W),Mumbai - 400 080. ..Respondent. Mrs. Padma Divekar for appellant.None for respondent. ANDINCOME TAX APPEAL (L) NO.1813 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. Malini Sanghvi Securities Pvt. Ltd.,1017-A, 10th Floor, Jijibhoy Towers,Dalal Street, Mumbai - 400 001. ..Respondent. Mr. Vimal Gupta for appellant. None for respondent. AND INCOME TAX APPEAL (L) NO.1933 OF 2008 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. M.S.S. Securities Pvt. Ltd.,1017-A, 10th Floor, Jijibhoy Towers,Dalal Street, Mumbai - 400 001. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL NO.1046 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. SPS Share Brokers P. Ltd.,66, Tamarind Lane, 4/5, Haji Kasam Bldg.,1st Foor, Fort, Mumbai-400 001...Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL (L) NO.1944 OF 2006 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. None for respondent. AND INCOME TAX APPEAL (L) NO.1933 OF 2008 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. M.S.S. Securities Pvt. Ltd.,1017-A, 10th Floor, Jijibhoy Towers,Dalal Street, Mumbai - 400 001. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL NO.1046 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. SPS Share Brokers P. Ltd.,66, Tamarind Lane, 4/5, Haji Kasam Bldg.,1st Foor, Fort, Mumbai-400 001...Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL (L) NO.1944 OF 2006 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. D.K. Modi Securities Pvt. Ltd.,515, Rotunda, Mumbai Samachar Marg,Fort, Mumbai - 400 023...Respondent. Mr. Vimal Gupta for appellant.Ms.Aasifa Khan for respondent. ANDINCOME TAX APPEAL (L) NO.1961 OF 2006ANDINCOME TAX APPEAL (L) NO. 80 OF 2009ANDINCOME TAX APPEAL (L) NO. 83 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K.Road, Mumbai-400 020. ..Appellant. V/s. M/s. Magnum Equity Broking Ltd.D-30, Empire Mahal, 806, Dr. B.A.Road,Khodad Circle, Dadar T.T., Mumbai-400 014. ..Respondent. Mr. Vimal Gupta for appellant.Mr. J.D. Mistri with A.K Jasani for respondent. ANDINCOME TAX APPEAL (L) NO.775 OF 2008 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s.M/s. G. Das Capital Markets Pvt. Ltd.,20, Rajabhadur Mansion, Office No.6, Ambalal Doshi Marg, Fort, Mumbai- 400 023. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent.ANDINCOME TAX APPEAL NO.1207 OF 2007 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. RRS Shares & Stock Brokers P. Ltd.,24/B, Ambalal Doshi Marg, Raja BahadurCompound, Fort, Mumbai- 400 023...Respondent. Mr. Vimal Gupta for appellant.None for respondent.ANDINCOME TAX APPEAL (L) NO.1959 OF 2007ANDINCOME TAXL APPEAL (L) NO.3459 OF 2008 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai-400 020. ..Appellant. V/s. M/s. Unique Stock Brokers Pvt. Ltd.,61/8, Chandanbala, Road No.25-C,Sion (West), Mumbai - 400 022. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL NO.1181 OF 2008 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. The Omniscient Securities Pvt. Ltd.,1003, P.J. Towers, Dalal Street, Mumbai-400 023. ..Respondent. Mr. Vimal Gupta i/b. Devki Iyer for appellant.None for respondent. AND INCOME TAX APPEAL NO.1360 OF 2009 The Commissioner of Income Tax-4,Aayakar Bhavan, M.K. Road, Mumbai - 400 020. ..Appellant. V/s.Keynote Capitals Ltd.,4th Balma Lawrie Building, 5, J.M.Herodia Marg,Ballard Estate, Mumbai-400 001. ..Respondent. Mr. Vimal Gupta for appellant.Mr. A.K. Jasani for respondent. AND INCOME TAX APPEAL NO.739 OF 2007 The Commissioner of Income Tax-IV,Aayakar Bhavan, M.K. Road, Mumbai - 400 020...Appellant. V/s.M/s. Shivnarayan Nemani Share & Stock Brokers Pvt. Ltd., 9/43, 2nd floor, Bhupen Chambers,Mumbai-400 023. ..Respondent. Mr. Vimal for appellant. Ms. P. Jain i/b. Pallavi Divekar for respondent. AND INCOME TAX APPEAL NO.357 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s.Sino Securities Pvt. Ltd.,Sanwa House, 97/99, Bombay Samachar Marg, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant.Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for respondent. AND INCOME TAX APPEAL NO.58 OF 2009 The Commissioner of Income Tax-IV,,Aayakar Bhavan, M.K. Road, Mumbai - 400 020. ..Appellant. V/s.M/s. SSJ Finance & Securities P. Ltd.,Surya Mahal, 1st Floor, Burjorji BharuchaMarg, Fort, Mumbai - 400 023...Respondent. ..Respondent. Mr. Vimal for appellant. Ms. P. Jain i/b. Pallavi Divekar for respondent. AND INCOME TAX APPEAL NO.357 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s.Sino Securities Pvt. Ltd.,Sanwa House, 97/99, Bombay Samachar Marg, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant.Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for respondent. AND INCOME TAX APPEAL NO.58 OF 2009 The Commissioner of Income Tax-IV,,Aayakar Bhavan, M.K. Road, Mumbai - 400 020. ..Appellant. V/s.M/s. SSJ Finance & Securities P. Ltd.,Surya Mahal, 1st Floor, Burjorji BharuchaMarg, Fort, Mumbai - 400 023...Respondent. Mr. Vimal Gupta for appellant.Mr. Deepak Tralshawala with Vishnu S.Hadade for respondent. AND INCOME TAX APPEAL (L) NO.834 OF 2009 The Commissioner of Income Tax-IV,,Aayakar Bhavan, M.K. Road, Mumbai - 400 020. ..Appellant. V/s. M/s. SSJ Finance & Securities P. Ltd.,Surya Mahal, 1st Floor, Burjorji BharuchaMarg, Fort, Mumbai - 400 023. ..Respondent. Mrs Padma Divekar for appellant. Mr. Deepak Tralshawala with Vishnu S.Hadade for respondent. AND INCOME TAX APPEAL (L) NO.817 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. Gupta Equities P. Ltd.,D-21 Dhanraj Mahal, CSM Marg,Colaba, Mumbai - 400 005. ..Respondent. Mrs. Padma Divekar for appellant. None for respondent. AND INCOME TAX APPEAL (L) NO.914 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s.M/s. G. Das Capital Markets P. Ltd.,12-B, Khatau Bldg. Annexue, 1st Floor,Alkesh Dindsh Mody Marg, Fort, Mumbai - 400 023. ..Respondent. Mrs. Padma Divekar for appellant.None for respondent. AND INCOME TAX APPEAL (L) NO.803 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. PAS Securities Pvt. Ltd.,PSII, Rotunda Stock Exchange Bldg.,Dalal Street, Fort, Mumbai - 400 023...Respondent. Mr. Vimal Gupta for appellant. None for respondent. AND INCOME TAX APPEAL (L) NO.739 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. Stanford Trading Co. Pvt. Ltd.,Hamam House, Mezanine floor, Shop No.16,Ambalal Doshi Marg, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent.AND INCOME TAX APPEAL (L) NO.599 OF 2008 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. K. Damani Securities Pvt. Ltd.,Surya Mahal, 1st Floor, Burjorji Marg, Fort, Mumbai - 400 023. ..Respondent. Mr. Vimal Gupta for appellant.None for respondent. ANDINCOME TAX APPEAL (L) NO.1333 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road,Mumbai - 400 020. ..Appellant. V/s. M/s. M.R. Share Broking Pvt.Ltd.,285, Princess Street Chaturbhuj JivandasHouse, 2nd floor Fort, Mumbai - 400 002...Respondent. Mr. Vimal Gupta for appellant.None for respondent. AND INCOME TAX APPEAL (L) NO.1334 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400 002. ..Appellant. V/s. M/s. KJMC Capital Market Service Pvt. Ltd.,168, Atlanta 16th Floor, Nariman Point, Fort, Mumbai - 400 021. ..Respondent. Mr. Ram Upadhyay for appellant.Mr. R. Murlidhar with A.K. Jasani for respondent. CORAM : V. C. DAGA AND J. P. DEVADHAR, JJ. JUDGMENT RESERVED ON : 11TH AUGUST, 2009JUDGMENT PRONOUNCED ON : 11TH SEPTEMBER, 2009 JUDGMENT (PER J.P. DEVADHAR, J.) 1.The only question raised in all these appeals is, whether depreciation under section 32 of the Income Tax Act, 1961 is allowable on the stock exchange membership card acquired by an assessee on or after 1/4/1998 ? AND INCOME TAX APPEAL (L) NO.1334 OF 2009 The Commissioner of Income Tax-4,6th Floor, Aayakar Bhavan, M.K. Road, Mumbai - 400 002. ..Appellant. V/s. M/s. KJMC Capital Market Service Pvt. Ltd.,168, Atlanta 16th Floor, Nariman Point, Fort, Mumbai - 400 021. ..Respondent. Mr. Ram Upadhyay for appellant.Mr. R. Murlidhar with A.K. Jasani for respondent. CORAM : V. C. DAGA AND J. P. DEVADHAR, JJ. JUDGMENT RESERVED ON : 11TH AUGUST, 2009JUDGMENT PRONOUNCED ON : 11TH SEPTEMBER, 2009 JUDGMENT (PER J.P. DEVADHAR, J.) 1.The only question raised in all these appeals is, whether depreciation under section 32 of the Income Tax Act, 1961 is allowable on the stock exchange membership card acquired by an assessee on or after 1/4/1998 ? 2.The ITAT has held that the Bombay Stock Exchange Membership Card (hereinafter referred to as the 'BSE card') acquired by an assessee on or after 1/4/1998, either by nomination or directly through the Stock Exchange is an intangible asset covered under Section 32 of the Income Tax Act, 1961 (`Act' for short) and therefore, depreciation is allowable on the BSE Card. These appeals are filed by the revenue to challenge the aforesaid orders passed by the ITAT. 3.Since the question of law set out hereinabove is common in all these appeals, by consent, all these appeals are heard finally on the aforesaid substantial question of law and disposed of by this common judgment. 4.Mr. Gupta and Mr. Sahadevan, learned counsel for the revenue submit that depreciation under section 32 of the Act is allowable on depreciable asset. They contend that the BSE card is neither an asset nor a capital asset which is subject to wear and tear and therefore depreciation is not allowable on the BSE Card. In this connection, reliance is placed by them on the decision of the Apex Court in the case of C.I.T. V/s. Alps Theatrereported in 65 ITR 377 (S.C.). 5. In the light of the decisions of the Apex Court in the case of Stock Exchange, Ahmedabad V/s. ACIT (248 ITR 209) and Vinay Bubna V/s.Stock Exchange reported in (1999) 6 SCC 215, it is contended by the counsel for the revenue that the BSE card is only a personal privilege granted to a member to trade in shares on the floor of the Stock Exchange and such a privilege cannot be equated with the expression 'licences' or the expression 'any other business or commercial right of similar nature' enumerated in Section 32 of the Act. It is contended that there is a difference between acquiring a knowhow, patent, copyright or a trade mark and acquiring a licence to use such knowhow, patents, copyright, trade mark or franchise. It is further contended that the expression 'business or commercial right of similar nature' in section 32(1)(ii) of the Act has to be construed by applying the principles of ejusdem generis and so read, it would be clear that the expression 'business or commercial rights of similar nature' in Section 32(I)(ii) of the Act would take colour from the preceding words, namely knowhow, patents, copyrights, trade marks and franchises which belong to a class of intellectual property rights. In other words, it is contended that the expression 'business or commercial rights of similar nature' in Section 32(I)(ii) of the Act is referable to the business or commercial rights relating to intellectual property rights such as know-how, patents, copy rights, trade marks and franchises and licences in respect thereof. Accordingly, it is contended that the expression 'licences' as well as the expression 'business or commercial rights of similar nature' in Section 32(1)(ii) of the Act are referable to the intellectual property rights such as knowhow, patents, copyrights, trade marks and franchises. As the BSE card does not fall in any of the above categories it is submitted that depreciation cannot be allowed on the BSE card acquired by the assessees. In this context reliance is placed on the decision of the Apex Court in the case of CIT V/s. Hoogly Mills Co.Ltd. reported in 287 ITR 333 (S.C.). 6.Mr.Irani, Mr.Mistri, Dr.Shivram, Mr.Tralshawala, Mr.Jhaveri, Mr.Toprani and Mr. D'mello appearing on behalf of their respective clients, on the other hand supported the order of the Tribunal. They contend that by amending section 32 of the Act with effect from 1/4/1998 the legislature has considerably enlarged the scope of the depreciation allowance. They contend that by amending section 32 of the Act, the depreciation which was hitherto restricted only on buildings, machinery, plant or furniture has now been extended to knowhow, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature acquired by the assessees on or after 1-4-1998. It is contended that the expression 'licences' in section 32 of the Act has been deliberately used in a wider sense so as to allow depreciation on all types of licences, except personal licences which are purely regulatory in nature. 7.Referring to various Dictionaries, it is contended by the counsel for the assessees that the expression 'licence' would ordinarily mean a permission to carry on any trade, business or profession which in the absence of such licence, would be illegal. It is contended that the BSE card is nothing but a `licence' which permits or entitles an assessee to carry on the business of trading in shares on the floor of the Stock Exchange. BSE card is a source from which the revenue income flows. Acquisition of the BSE card is a must for entering into a share broking business and without acquiring such a card, share broking business cannot be carried on by an assessee. Therefore, the BSE card which permits or entitles an assessee to carry on share broking business would be covered within the meaning of the expression 'licences' set out under section 32(1)(ii) of the Act and accordingly depreciation is allowable on the BSE card. 8. It is further contended by the counsel for the assessees that the very fact that the expression 'licences' has not been defined in the Act clearly shows that the legislature intended to give common parlance meaning to the expression 'licences'. However, it is conceded by the counsel for the assessees that the expression 'licences' in section 32(1)(ii) of the Act would not cover every conceivable `licence' as the said expression is commonly understood. For example, it is conceded that the licence to occupy premises 8. It is further contended by the counsel for the assessees that the very fact that the expression 'licences' has not been defined in the Act clearly shows that the legislature intended to give common parlance meaning to the expression 'licences'. However, it is conceded by the counsel for the assessees that the expression 'licences' in section 32(1)(ii) of the Act would not cover every conceivable `licence' as the said expression is commonly understood. For example, it is conceded that the licence to occupy premises or immovable property or personal licences like a driving licence or a licence to practice medicine or law are not intended to be covered under section 32(1)(ii) of the Act. It is contended that section 32(1)(ii) of the Act applies to licences which are capable of being acquired at a cost or on payment. It is contended that the BSE card acquired by the assessees either by nomination or through auction at a cost would squarely fall under the expression 'licences' enumerated in section 32 of the Act and therefore the Tribunal was justified in holding that the assessees are entitled to depreciation on the BSE card. 9.Alternatively, it is contended by the counsel for the assessees that the BSE card is a 'business or commercial right' on which depreciation is allowable under section 32 of the Act provided such right is acquired on or after 1/4/1998. In all these cases, the BSE card is acquired by the assessees on or after 1/4/1998 and that card gives business or commercial rights to the assessees to carry on the business of share broking and therefore, depreciation is allowable on the BSE card. It is contended that the fact that the legislature has used the expression 'business or commercial rights of similar nature' it does not mean that the legislature has intended to grant depreciation to a restricted class of licences or a restricted class of business or commercial rights. It is contended that since the expression 'licences' in section 32 of the Act is applicable to all types of licences (except personal licences) it is clear that the expression 'business or commercial rights of similar nature' would apply to all business or commercial rights which are akin to licences. It is contended that neither the rule of noscitur a sociis nor the rule of ejusdem generis are applicable in the present case, because the legislature has intentionally used the expression 'licences' which has a wider meaning and the said intention has been reiterated in the Memorandum explaining the amendment to section 32 of the Act by Finance Act, 1997. Accordingly, it is submitted that the BSE card being a business or commercial right, the Tribunal has rightly allowed depreciation on the BSE card. 10.Dealing with the argument of the revenue that the BSE card is neither a 'depreciable asset' nor a 'capital asset', it is contended by the counsel for the assessees that the legislature by inserting clause (xi) to section 47 of the Act with effect from 1/4/1998 has made it abundantly clear that the membership of a recognised stock exchange is a capital asset and liable to capital gains tax. Therefore, it is contended that, if acquisition of a BSE card on or after 1/4/1998 is a capital asset for the purposes of capital gains tax, then, there is no reason as to why the BSE card acquired by the assessees on or after 1/4/1998 should not be treated as a capital asset for the purposes of depreciation. Thus, it is submitted by the counsel for the assessees that in any view of the matter, the BSE card would be squarely covered under section 32 of the Act and therefore, no fault can be found with the orders passed by the Tribunal in granting depreciation to the BSE cards acquired by the assessees on or after 1/4/1998. Accordingly, it is submitted that the question raised by the revenue in all these appeals be answered in favour of the assessees and against the revenue. 11.Before considering the rival submissions, we may quote the relevant provisions relating to the grant of depreciation allowance under the Act prior to 1/4/1998 and after 1/4/1998. 12.Section 32 of the Act prior to its amendment with effect from 1/4/1998 (to the extent relevant) read thus:- " 32 (1) In respect of depreciation of buildings, machinery, plant or furniture owned, wholly or partly, by the assessee and used for the purposes of the business or profession, the following deductions shall, subject to the provisions of section 34, be allowed-- " 13.Section 32 of the Act after its amendment with effect from 1/4/1998 (to the extent relevant) reads thus:- "32. (1) In respect of depreciation of- (i) buildings, machinery, plant or furniture, being tangible assets; (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on or after the 1st day of April, 1998, owned, wholly or partly, by the assessee and used for the purposes of the business or profession, the following deductions, shall be allowed. (i) in the case of assets of an undertaking engaged in generation or generation and distribution of power, such percentage on the actual cost thereof to the assessee as may be prescribed; (ii) in the case of any block of assets, such percentage on the written down value thereof as may be prescribed; 14.On perusal of section 32 of the Act as amended with effect from 1/4/1998, it is seen that the legislature has extended depreciation to the intangible assets which was until then restricted to buildings, machinery, plant or furniture. It is pertinent to note that even after the amendment, the depreciation under section 32 of the Act is restricted to the tangible / intangible assets which are specifically enumerated therein and depreciation is not allowable on all tangible / intangible assets. In other words, depreciation even under the amended section 32 of the Act is allowable only on the restricted categories of tangible / intangible assets which are specifically enumerated in the section. 15.The intangible assets on which depreciation is made allowable under section 32(1)(ii) of the Act are, knowhow, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature acquired on or after 1/4/1998. 16.In all the appeals before us, the specific case of the assessees is that the BSE card acquired by them on or after 1/4/1998 is an intangible asset covered under the expression 'licences' or alternatively covered under the expression 'any other business or commercial rights of similar nature' enumerated in section 32(1)(ii) of the Act and therefore, depreciation is allowable on the BSE card acquired by them. 17.The first question therefore to be considered is, whether the BSE card acquired by the assessees on or after 1/4/1998 is covered u