Wallfort Share & Stock Brokers Pvt. Ltd., Mumbai v. Assistant Commisisoner Of Income Tax -4(2), Mumbai

1 itxal2419.10.sxw IN THE HIGH COURT OF JDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO. 2419 OF 2010 Wallfort Share & Stock Brokers Pvt. Ltd., Mumbai Vs. Assistant Commisisoner of Income Tax -4(2), Mumbai ..Appellant .. Respondent Mr.Atul K. Jasani for the Appellant. Mrs. Anamika Malhotra for the Respondent. CORAM : J.P. DEVADHAR AND A.A. SAYED, JJ. DATE : 26TH APRIL, 2011. P.C. 1.Heard. 2.Objections waived. Office to number the appeal. The appeal is admitted on the following question of law: 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 membership card acquired by the Appellant after 1st April, 1998? answered in favour of assessee and against the revenue by the decision of the Apex Court in the case of Techno Shares and Stocks Ltd. Vs. Commissioner of Income -Tax, reported in (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 with no order as to costs. ( A.A. SAYED, J. ) (J.P. DEVADHAR, J.)