Techno Shares and Stocks Ltd. v. CIT

Income Tax Officer-1(1)(1), Mumbai vs. Andhra Pradesh Expressway Limited, Mumbai

In the result, appeals of the assessee are partly allowed and appeals of the revenue are dismissed

…able and result in smoothly carrying on the business as part of the tool of the trade of the assessee would come within the expression “any other business or commercial right of similar nature”. 17. In the case of Techno Shares and Stocks Ltd. v/s CIT, [2010] 327 ITR 323 (SC), the Hon'ble Supreme Court while examining the assessee's claim of depreciation on BSE Membership Card, after interpreting the provisions of section 32(1)(ii), held that as the membership card allows a member to participate in a trading session on the floor of the exchange, such membership is a business or commercial right, hence, similar to…

Income Tax Officer-1(1)(1), Mumbai vs. Andhra Pradesh Expressway Limited, Mumbai

In the result, appeals of the assessee are partly allowed and appeals of the revenue are dismissed

…able and result in smoothly carrying on the business as part of the tool of the trade of the assessee would come within the expression “any other business or commercial right of similar nature”. 17. In the case of Techno Shares and Stocks Ltd. v/s CIT, [2010] 327 ITR 323 (SC), the Hon'ble Supreme Court while examining the assessee's claim of depreciation on BSE Membership Card, after interpreting the provisions of section 32(1)(ii), held that as the membership card allows a member to participate in a trading session on the floor of the exchange, such membership is a business or commercial right, hence, similar to…

Income Tax Officer-1(1)(1), Mumbai vs. Andhra Pradesh Expressway Limited, Mumbai

In the result, appeals of the assessee are partly allowed and appeals of the revenue are dismissed

…able and result in smoothly carrying on the business as part of the tool of the trade of the assessee would come within the expression “any other business or commercial right of similar nature”. 17. In the case of Techno Shares and Stocks Ltd. v/s CIT, [2010] 327 ITR 323 (SC), the Hon'ble Supreme Court while examining the assessee's claim of depreciation on BSE Membership Card, after interpreting the provisions of section 32(1)(ii), held that as the membership card allows a member to participate in a trading session on the floor of the exchange, such membership is a business or commercial right, hence, similar to…

Income Tax Officer-1(1)(1), Mumbai vs. Andhra Pradesh Expressway Ltd, Mumbai

In the result, appeals of the assessee are partly allowed and appeals of the revenue are dismissed

…able and result in smoothly carrying on the business as part of the tool of the trade of the assessee would come within the expression “any other business or commercial right of similar nature”. 17. In the case of Techno Shares and Stocks Ltd. v/s CIT, [2010] 327 ITR 323 (SC), the Hon'ble Supreme Court while examining the assessee's claim of depreciation on BSE Membership Card, after interpreting the provisions of section 32(1)(ii), held that as the membership card allows a member to participate in a trading session on the floor of the exchange, such membership is a business or commercial right, hence, similar to…

Jm Morgan Stanley Securities P. Ltd, Mumbai vs. Addl CIT 4(3), Mumbai

In the result, the appeal by the assessee is partly allowed

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

…./2010 19. During the hearing, learned AR submitted that the decision of the Hon’ble jurisdictional High Court, on which reliance was placed by AO and learned DRP, has been overruled by the Hon’ble Supreme Court in Techno Shares and Stocks Ltd vs CIT, (2010) 327 ITR 323 (SC). On the other hand, learned DR vehemently relied upon the order passed by the lower authorities. 20. We have considered the rival submissions and perused the material available on record. In the present case, the assessee claimed depreciation on BSE and NSE membership cards on the basis that the same grant licence to the assessee to carry o…

West Gujarat Exdpress Way Ltd., Mumbai vs. Dy CIT -14(3)(1), Mumbai

In the result, appeal by the Revenue is dismissed

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

…y the CIT(A) on the judgement of the Hon'ble Bombay High Court in the case of Techno Shares And Stocks Ltd. (supra) is concerned it may only be noted that the said judgement has since been altered by the Hon'ble Supreme Court vide its order reported at (2010) 327 ITR 323 (SC). Accordingly, in view of the aforesaid discussion, we hereby allow the Ground of Appeal No. 1.1 raised by the assessee.” 29. In view of our observations made in the preceding paras and also agreeing with the above reproduced findings of the Tribunal, we hold that the assessee is entitled to the claim of depreciation on the road to collect to…

ACIT, Circle-14(1)(2), Mumbai vs. West Gujarat Express Way Ltd., Mumbai

In the result, appeal by the Revenue is dismissed

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

…y the CIT(A) on the judgement of the Hon'ble Bombay High Court in the case of Techno Shares And Stocks Ltd. (supra) is concerned it may only be noted that the said judgement has since been altered by the Hon'ble Supreme Court vide its order reported at (2010) 327 ITR 323 (SC). Accordingly, in view of the aforesaid discussion, we hereby allow the Ground of Appeal No. 1.1 raised by the assessee.” 29. In view of our observations made in the preceding paras and also agreeing with the above reproduced findings of the Tribunal, we hold that the assessee is entitled to the claim of depreciation on the road to collect to…