K. Damani Securities Pvt. Ltd v. The Commissioner Of Income Tax

dmt IN THE HIGH COURT OF JDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 184 OF 2011 K. Damani Securities Pvt. Ltd., ..Appellant. Vs. The Commissioner of Income Tax Circle 4 (2) Mumbai. .. Respondent. Mr. Niraj Sheth a/w Mr. Mohan Salian & Mr. Jesse Cornelious i/by Gagrats for the Appellant. Ms. Anamika Malhotra for Respondent. CORAM : J.P. DEVADHAR AND A.A. SAYED, JJ. DATE : 19TH APRIL, 2011. P.C. 1.Heard. Admit on the following question of law. a)Whether on the facts and in the circumstances of the case and in law, depreciation under section 32 of the Income Tax Act, 1961 is allowable on the BSE Card acquired by and in law, depreciation under section 32 of the Income Tax Act, 1961 is allowable on the BSE Card acquired by 2.Counsel for the parties state that the aforesaid question is answered in favour of the assessee and against the revenue by the decision of the Apex Court in the case of Techno Shares and StocksLtd., vs. Commissioner of Income-Tax, (2010) 327 ITR 323 (SC). 4.Accordingly, the appeal is disposed of by answering the question in favour of the assessee and against the revenue. No order as to costs. ( A.A. SAYED, J. ) (J.P. DEVADHAR, J.)