The Commissioner Of Income Tax – 4, Mumbai v. Satco Securities & Financial Services Limited, Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1820 OF 2009 The Commissioner of Income Tax – 4, Mumbai..Appellant. Versus Satco Securities & Financial Services Limited, Mumbai..Respondent. Mr.Vimal Gupta for the appellant.Ms.Preeti Shukla i/by Mr.B.V. Jhaveri for the respondent. CORAM : V.C. DAGA & J.P. DEVADHAR, JJ. DATE : 25TH SEPTEMBER 2009 P.C. : 1.Heard learned counsel for the revenue. 2.So far as question Nos.(a) is concerned, the same is covered by the Judgment of this Court in I ncome Tax Appeal No.114 of 2009 decided on 9/2/2009 in the case of Director of Income Tax (International Taxation) V/s. M/s.OmanInternational Bank SAOG (unreported). 3.So far as question No.(d) is concerned, the same is covered by the Judgment of this Court in the case of CIT V/s. WMI Cranes Limited in Income TaxAppeal no.1155 of 2007 decided on 9-10-2007. 4.So far as question No.(c) is concerned, Appeal having identical question is dismissed by this Court. 5.So far as question No.(b) is concerned, the Appeal is Admit. “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 card of the Stock Exchange ? 6.Having heard both the 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 of 2006 [ CIT V/s. M/s.Techno Shares & Stocks Limited] decidedon 11-9-2009since the question 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. 7.The appeal is accordingly stands disposed of with no order as to costs. (J.P. Devadhar, J.) (V.C. Daga, J.)