M/S.tata Securities Limited, Mumbai v. Dy. Commissioner Of Income-Tax, Cir.-4(2), Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.5691 OF 2010 M/s.Tata Securities Limited, Mumbai..Appellant. Versus Dy. Commissioner of Income-tax, Cir.-4(2), Mumbai..Respondent. Mr.P.C. Tripathi for the appellant.Mr.Vimal Gupta for the respondent. CORAM : J.P. Devadhar & Smt.R.S. Dalvi, JJ. P.C. : DATE : 22[nd] March, 2011. 1.Heard. Admit on the following substantial question of law. Whether the Tribunal erred in law in holding that the assessee is not entitled to depreciation on the membership card of the Bombay Stock Exchange ? 2.Counsel for the parties state that the aforesaid question is already answered in favour of the assessee by the decision of the Apex Court in the case of Techno Shares and Stocks Limited V/s. Commissioner of Income Tax reported in (2010) 327 ITR 323 (SC). 3.In this view of the matter, the appeal is disposed off by answering the question in favour of the assessee and against the Revenue. No costs. (Smt.R.S. Dalvi, J.) (J.P. Devadhar, J.)