The Commissioner Of Income Tax, City-4 v. Kaynel Capital Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.1340 OF 2007 The Commissioner of Income Tax, City-4 ..Appellant. Vs. Kaynel Capital Limited ..Respondent..... Mr. Vimal Gupta for the Appellant. Mr. Sujeeth S. Karkal i/b Mr. Ajay R. Singh for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD & J.P.DEVADHAR, JJ. P.C. : 1[st] February, 2010. The appeal was admitted on the following substantial question of law : “(f) The substantial question of law arises in the present appeal isregarding the correct interpretation of Section 32 and other sections of the Income Tax Act, 1961 and whether in the facts and circumstances of the case and in law, the Hon ble Tribunal is right’in holding that the depreciation is allowable on the Bombay Stock Exchange membership card held by the assessee.” Counsel appearing on behalf of the assessee stated that the issue which arises in the appeal is covered against the assessee by the judgment of a Division Bench of this Court in Commissioner of Income Tax v. Techno –Shares and Stocks Limited (2009) 225 CTR 337. In view of the position which is not controverted on either side, the appeal filed by the revenue would have to be allowed. The appeal is accordingly allowed and the substantial question of law shall stand answered in terms of the judgment of the Division Bench in Techno Shares (supra). The appeal is accordingly disposed of. There shall be no order as to costs. (Dr. D.Y.Chandrachud, J.) (J.P. Devadhar, J.)