CIT v. Techno Shares and Stock Ltd.

323 ITR 69High Court2010#14064 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Judgments citing CIT v. Techno Shares and Stock Ltd.

SHREE CEMENT LIMITED,BANGUR NAGAR vs. ACIT, CENTRAL CIRCLE, AJMER

In the result, the appeal of the assessee - appellant in ITA No

ITA 1517/JPR/2024[2019-2020]Status: DisposedITAT Jaipur24 Jun 2025AY 2019-2020

Bench: DR. S. SEETHALAKSHMI (Judicial Member)

For Appellant: Shri Dilip B. Desai, FCAFor Respondent: Shri Arvind Kumar, CIT-DR
Section 115JSection 143(1)Section 254Section 36(1)(va)Section 80Section 801A

…com 104 (Hyd), Hyderabad Tribunal allowed the claim of depreciation on such leasehold rights on land. 173 Shree Cement Limited vs. ACIT 23.9 Ld. DR has also relied upon the decision of Hon’ble Bombay High Court in CIT-vs.- Techno Share & Stocks Ltd. (2010) 323 ITR 69 (Bom) wherein it has been held that stock exchange membership card does not fall in any of the categories of intangible assets as mentioned in Sec. 32(1)(ii), hence depreciation cannot be allowed on the same. The said decision of Hon’ble Bombay High Court has since been reversed by the Hon’ble Supreme Court in Techno Share & Stocks Ltd. –vs.- C…

GATEWAY DISTRIPARKS(KERALA) LTD,COCHIN vs. ACIT, COCHIN

In the result, the appeal filed by the assessee is dismissed

ITA 216/COCH/2018[2013-14]Status: DisposedITAT Cochin28 Aug 2018AY 2013-14

Bench: S/Shri Chandra Poojari, Am & George George K., Jm I.T.A. No.216/Coch/2018 Assessment Year : 2013-14 Gateway Distriparks (Kerala) Vs. The Assistant Commissioner Of Ltd., Door No. 26/1804, Income-Tax, Circle-1(2), Kochi Chakiat House, Subramaniam Road, Willington Island, Kochi-682 003. [Pan:Aaccg 6616P] (Assessee-Appellant) (Revenue-Respondent) Assessee By Shri P.M. Veeramani, Ca Revenue By Smt. A.S. Bindhu, Dr Date Of Hearing 14/08/2018 Date Of Pronouncement 28/08/2018

Section 143(3)Section 263Section 32Section 32(1)(ii)

…erit of allowability of the claim of depreciation on lease premium, initially, the issue relating to allowability of depreciation on stock exchange membership card came up before the Bombay High Court in the case of CIT vs. Techno Shares & Stocks Ltd. (2010) (323 ITR 69) wherein the issue was decided against the assessee. Thereafter, the issue travelled to the Supreme Court wherein the Supreme Court reversed the above judgment of the Bombay High Court reported in 327 ITR 323 and held that depreciation should be allowed on stock exchange membership card since it is an intangible asset eligible for depreciation. Th…

PITNEY BOWES INDIA (P) LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, out of the five appeals of the assessee, the ITA Nos

ITA 289/DEL/2013[2005-06]Status: DisposedITAT Delhi29 May 2017AY 2005-06

Bench: Sh. I.C. Sudhir & Sh. O.P. Kant

Section 143(3)Section 147Section 32

…nder the provisions of the Act. (xii) It is also submitted that the Hon'ble Supreme Court in the case of Techno Shares and Stocks Ltd. (2010) 327 ITR 323 has overruled the judgment of Hon' Bombay High Court in the case of Techno Shares and Stocks Ltd. (2010) 323 ITR 69 wherein it was held that the intangible assets as mentioned in section 32(l)(ii) could only be in the nature of intellectual property rights. The Hon'ble Supreme Court has clearly held that the intangible asset can be in the nature of business or commercial right which is not in the nature of intellectual property. Thus, the belief of the Ld. AO i…

SHAREKHAN LTD,MUMBAI vs. ASST CIT CEN CIR 22, MUMBAI

The appeals of the assessee stand partly allowed

ITA 5470/MUM/2013[2009-10]Status: DisposedITAT Mumbai24 Mar 2017AY 2009-10
For Appellant: Shri Hiro RaiFor Respondent: Shri Vishwas Munde-CIT-DR
Section 36

…reciation claimed on BSE Membership Card. During the course of hearing, it was fairly conceded by Ld. AR that this issue is covered against the assessee by the decision of Hon’ble Bombay High Court in the case of CIT vs. Techno Shares and Stock Ltd. & Others, 323 ITR 69, wherein Hon’ble Bombay High Court has held that depreciation is not allowable on the BSE Membership Card as it does not fall in any of the categories specified in section 32(1) of the Income Tax Act 1961 (the Act). Therefore, after hearing both the parties we dismiss ground No.1 filed by the assessee.” Respectfully,following the above,we decide f…

CONTAINER CORPORATION OF INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result appeal of the revenue is partly allowed

ITA 1876/DEL/2012[2008-09]Status: DisposedITAT Delhi19 Jan 2017AY 2008-09

Bench: Shri I. C. Sudhir & Shri Prashant Maharishicontainer Corporation Of India Ltd, Dcit, C-3, Mathura Road, Opp. Apollo Circle-3(1), Vs. Hospital, New Delhi New Delhi Pan:Aaacc1205A (Appellant) (Respondent) Acit, Container Corporation Of India Ltd, Circle-3(1), C-3, Mathura Road, Opp. Apollo Vs. New Delhi Hospital, New Delhi Pan:Aaacc1205A (Appellant) (Respondent) Container Corporation Of India Ltd, Acit, C-3, Mathura Road, Opp. Apollo Circle-3(1), Vs. Hospital, New Delhi New Delhi Pan:Aaacc1205A (Appellant) (Respondent) Dcit, Container Corporation Of India Ltd, Circle-3(1), C-3, Mathura Road, Opp. Apollo Vs. New Delhi Hospital, New Delhi Pan:Aaacc1205A (Appellant) (Respondent)

For Appellant: Sh. S Krishnan, AdvFor Respondent: Mr. Deepika Mittal, CIT DR
Section 80Section 80I

…position he relied upon the decision of Hon'ble High Court in 331 ITR 192 and 345 ITR 421. For the claim of the depreciation he relied upon the decision of Hon'ble Supreme Court in 327 ITR 323. He further relied on the decision of Hon‟ble Bombay High Court in 323 ITR 69 and Allahabad High Court in 213 Taxmann.com 333. 13. The ld Departmental Representative submitted that as the assessee has not incurred any capital expenditure but only paid non refundable fee and therefore there is no capital assets coming in to existence and depreciation on this has rightly been disallowed by lower authorities. 14. We have caref…

MOTILAL OSWAL COMMODITIES BROKERS P.LTD,MUMBAI vs. DCIT CC 22, MUMBAI

The appeals of the assessee are allowed

ITA 650/MUM/2014[2010-11]Status: DisposedITAT Mumbai02 Nov 2016AY 2010-11

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2009-10 & Assessment Year : 2010-11

Section 32Section 32(1)(ii)

…et on account of wear and tear and obsolescence. The MCX card is not subject to such wear and tear on account of use.‖ 6. For the reasons given above and relying on the decision of Hon’ble Bombay High Court in the case of CIT vs. Techno Shares and Stock Ltd., 323 ITR 69 wherein depreciation on BSE cards was held to be not allowable, the A.O. disallowed the claim of the assessee for depreciation on the membership right of Multi Commodities Exchange. On appeal, the ld. CIT(A) confirmed the said disallowance made by the A.O. holding that the issue was already settled against the assessee by the Hon’ble Bombay High C…

MOTILAL OSWAL COMMODITIES BROKER P. LTD,MUMBAI vs. ACIT CEN CIR 22, MUMBAI

The appeals of the assessee are allowed

ITA 335/MUM/2013[2009-10]Status: DisposedITAT Mumbai02 Nov 2016AY 2009-10

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2009-10 & Assessment Year : 2010-11

Section 32Section 32(1)(ii)

…et on account of wear and tear and obsolescence. The MCX card is not subject to such wear and tear on account of use.‖ 6. For the reasons given above and relying on the decision of Hon’ble Bombay High Court in the case of CIT vs. Techno Shares and Stock Ltd., 323 ITR 69 wherein depreciation on BSE cards was held to be not allowable, the A.O. disallowed the claim of the assessee for depreciation on the membership right of Multi Commodities Exchange. On appeal, the ld. CIT(A) confirmed the said disallowance made by the A.O. holding that the issue was already settled against the assessee by the Hon’ble Bombay High C…

CIT v. Techno Shares and Stock Ltd. (323 ITR 69) — Cited in 7 Judgments | BharatTax