Itxa/6666/2010 Of The Commissioner Of Income Tax-Central Iii, Mumbai v. M/S. Shailesh Shah Securities Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.531 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. M/s. Shailesh Shah Securities Ltd. ..Respondent. Mrs Padma Divekar for appellant.None for respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 11TH SEPTEMBER, 2009. P.C. :- 1.Heard learned counsel for the revenue In spite of service, nobody is present on behalf of the respondent. This appeal was admitted on 9/9/2009 on the following substantial questions of law:- 1.Whether on the facts and in the circumstances of the case, the ITAT was justified in law in allowing the appeal of the assessee by directing to allow depreciation on Stock Exchange membership card as claimed; without appreciating the fact that Membership Card is not a depreciable asset within the meaning of section 32(1)(ii) ?justified in law in allowing the appeal of the assessee by directing to allow depreciation on Stock Exchange membership card as claimed; without appreciating the fact that Membership Card is not a depreciable asset within the meaning of section 32(1)(ii) ? 2.Whether on the facts and circumstances of the case the ITAT was correct in law in allowing the appeal of the assessee by directing the assessing officer to allow the claim of deduction amounting to Rs.8.53 lakhs on business loss; ignoring the fact that the assessee does not fulfill the condition of section 36(2)/36(1)(vii) hence disallowed the claim ?law in allowing the appeal of the assessee by directing the assessing officer to allow the claim of deduction amounting to Rs.8.53 lakhs on business loss; ignoring the fact that the assessee does not fulfill the condition of section 36(2)/36(1)(vii) hence disallowed the claim ? 2.Having heard 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. (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.)