The Commissioner Of Income Tax v. Hdfc Securities Ltd

bgp IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO. 2836 OF 2009 The Commissioner of Income Tax Vs. HDFC Securities Ltd. ..Appellant ..Respondent Mr.Vimal Gupta for appellant. Mr.A.K.Jasani for respondent CORAM :- V.C.DAGA & J.P.DEVADHAR,JJ. 19TH DECEMBER,2009 DATE : P.C. 1.Heard Counsel for the parties. Office objections are overruled. Registry is directed to register the appeal. 2.Admit, on the following substantial question of law: 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 I.T.Act amounting to Rs. 30,39,239/- is allowable on the membership card of the Stock Exchange? 3.Learned counsel for both the parties fairly state that the question raised in the appeal has already been answered by this Court in favour of the Revenue in the case of CIT Vs. Techno Shares & Stocks Ltd.(2009) 184 Taxman 102 (Bom.). In this view of the matter, the appeal is allowed by answering the question in favour of the Revenue and against the assessee. Appeal stands disposed of accordingly. (J.P.DEVADHAR,J.) (V.C.DAGA,J.)