M/S. TECHNO SHARES & STOCKS LTD. vs. COMMISSIONER OF INCOME TAX-IV

C.A. No.-007780-007781 - 2010Supreme Court09 September 201028 pages
For Petitioner: GAGRAT AND COFor Respondent: B. V. BALARAM DAS
AI SummaryAllowed

What did the Supreme Court hold?

The Supreme Court held that a BSE membership card, for a non-defaulting continuing member, constitutes a business or commercial right akin to a license, making it eligible for depreciation under Section 32(1)(ii) of the Income Tax Act. The High Court's decision disallowing depreciation was set aside.

What were the facts?

The assessee claimed depreciation on a BSE membership card as an intangible asset under Section 32(1)(ii) of the Income Tax Act. The Assessing Officer and CIT(A) rejected the claim, holding it was a personal privilege, not an asset eligible for depreciation. The Tribunal, however, allowed the depreciation.

What were the issues?

Whether a BSE membership card qualifies as an intangible asset eligible for depreciation under Section 32(1)(ii) of the Income Tax Act, 1961.

Which sections of the Income-tax Act were involved?

Section 32(1)(ii)

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1 IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURI ICTION CIVIL APPEAL NOs.7780-7781 OF 2010 (Arising out of SLP(C) Nos. 4053-4054 of 2010) M/s Techno Shares & Stocks Ltd. …. Appellant(s)

Versus The Commissioner of Income Tax IV ….Respondent(s)

With Civil Appeal No.7782 of 2010 @ S.L.P. (C) No.34944 of 2009, Civil Appeal Nos.7783-7785 of 2010 @ S.L.P. (C) Nos.10452- 10454 of 2010, Civil Appeal Nos.7786-7788 of 2010 @ S.L.P. (C) Nos.11514- 11516 of 2010, Civil Appeal No.7789 of 2010 @ S.L.P. (C) No.11518 of 2010, Civil Appeal Nos.7790-7791 of 2010 @ S.L.P. (C) Nos.11520- 11521 of 2010, Civil Appeal No.7792 of 2010 @ S.L.P. (C) No.11523 of 2010 and Civil Appeal Nos.7793-7794 of 2010 @ S.L.P. (C) Nos.11524- 11525 of 2010 Civil Appeal Nos.7795-7798 of 2010 @ S.L.P. (C) Nos.4373- 4376 of 2010 Civil Appeal Nos.7799-7802 of 2010 @ S.L.P. (C) Nos.4407- 4410 of 2010 Civil Appeal Nos.7803-7804 of 2010 @ S.L.P. (C) Nos.5033- 5034 of 2010 Civil Appeal No.7805 of 2010 @ S.L.P. (C) No.5153 of 2010 Civil Appeal Nos.7806-7809 of 2010 @ S.L.P. (C) Nos.5266- 5269 of 2010 Civil Appeal Nos.7810-7812 of 2010 @ S.L.P. (C) Nos.5302- 5304 of 2010 Civil Appeal Nos.7813-7814 of 20

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