Techno Shares and Stocks Ltd. v. CIT

327 ITR 323Supreme Court of India2010#785 most cited

What is Techno Shares and Stocks Ltd. v. CIT authority for?

Membership rights and business contracts, as 'business or commercial rights of similar nature' to a license or franchise, qualify as intangible assets eligible for depreciation under Section 32(1)(ii) of the Income-tax Act.

130

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2012 to 2026.

Also referred to as

Techno Shares and Stocks Ltd. v. CIT · 327 ITR 323 · Section 32(1)(ii) · depreciation · intangible assets · business or commercial rights · membership rights · business contracts · depreciation on software

Sections most often in play

Section 1961Section 32(1)(ii)Section 35(1)(i)Section 35(2AB)Section 90Section 234DSection 37Section 170
Read the full judgment

Issues it is cited on

section 32(1)(i)ready for usesection 119(1)section 119(2)(a)section 32(1)(ii)opening wdvdepreciation on softwarecommercial rightsbusiness transfer agreementsection 32(1)section 52intangible assets

Judgments citing Techno Shares and Stocks Ltd. v. CIT

Thiruvananthapuram Road Development Co. Ltd, Orrissa vs. DCIT 14(3)(1), Mumbai

Appeal of the assessee is disposed of in terms of the order in ITA

ITA 622/MUM/2015[2010-11]Status: DisposedITAT Mumbai23 May 2018AY 2010-11

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2010-11 Thiruvananthapuram Road Dcit-14(3)(1), Development Company Ltd. बनाम/ (Earlier Dcit-10(1), The Il & Fs Financial Centre, Room No.455, 4Th Floor, Vs. Plot No.C-22, Aayakar Bhavan, G Block, Bandra Kurla M. K. Road, Complex, Bandra (East), Mumbai-400020 Mumbai-400051 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aacct0547J Assessment Year: 2010-11 Dcit-14(3)(1), Thiruvananthapuram Road (Earlier Dcit-10(1), Development Company Ltd. बनाम/ Room No.455, 4Th Floor, The Il & Fs Financial Vs. Aayakar Bhavan, Centre, Plot No.C-22, M. K. Road, G Block, Bandra Kurla Mumbai-400020 Complex, Bandra (East), Mumbai-400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aacct0547J

Section 143Section 253Section 32

…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…

DCIT 14(3)(1), Mumbai vs. Thirvanthapuram Road Development Company Ltd, Mumbai

Appeal of the assessee is disposed of in terms of the order in ITA

ITA 4346/MUM/2015[2011-12]Status: DisposedITAT Mumbai23 May 2018AY 2011-12

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 2010-11 Thiruvananthapuram Road Dcit-14(3)(1), Development Company Ltd. बनाम/ (Earlier Dcit-10(1), The Il & Fs Financial Centre, Room No.455, 4Th Floor, Vs. Plot No.C-22, Aayakar Bhavan, G Block, Bandra Kurla M. K. Road, Complex, Bandra (East), Mumbai-400020 Mumbai-400051 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aacct0547J Assessment Year: 2010-11 Dcit-14(3)(1), Thiruvananthapuram Road (Earlier Dcit-10(1), Development Company Ltd. बनाम/ Room No.455, 4Th Floor, The Il & Fs Financial Vs. Aayakar Bhavan, Centre, Plot No.C-22, M. K. Road, G Block, Bandra Kurla Mumbai-400020 Complex, Bandra (East), Mumbai-400051 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No. Aacct0547J

Section 143Section 253Section 32

…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…

DCIT - 9(1)(2), Mumbai vs. Atlanta Ltd., Mumbai

ITA 4768/MUM/2016[2012-13]Status: DisposedITAT Mumbai27 Apr 2018AY 2012-13
For Appellant: S/Shri Vijay Mehta and Anuj KisnadwalaFor Respondent: Shri H.N. Singh-CIT-DR
Section 115Section 115JSection 143(3)Section 14ASection 254(1)

…uable 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…

M/S Abhipra Capital Ltd vs. Deputy Commissioner of Income

The appeal is disposed of, affirming the decision of the Tribunal on the

ITA/676/2005HC Delhi15 Feb 2018

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

Section 260ASection 37

…om the activities of the Institute, and therefore, expenditure by way of membership fee was wholly and exclusively for the purpose of business of the members. 10. Supreme Court in Techno Shares and Stocks Limited Vs. Commissioner of Income Tax IV, (2010) 327 ITR 323 (SC) has held that membership of a stock exchange was a business or commercial right conferred by the rules of the exchange. The membership right could be said to be owned by the member and used for the purpose of business. It was similar to a licence or franchise and was to be treated as an intangible asset. Assessee was entitled to clai…

DCIT 9(1)(2), Mumbai vs. Atlanta Ltd, Mumbai

In the result, assessee’s appeal is partly allowed

ITA 3415/MUM/2015[2010-11]Status: DisposedITAT Mumbai24 Jan 2018AY 2010-11

Bench: Shri Saktijit Dey & Shri N.K. Pradhan

For Appellant: Shri Vijay Mehta a/wFor Respondent: Shri Rajeshwar Yadav

…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…

Ase Capital Markets Ltd., Ahmedabad vs. Jt. Commissioner of Income Tax, Range-3, Ahmedabad

In the result, the appeal filed by the Assessee is partly allowed

ITA 1296/AHD/2015[2010-11]Status: DisposedITAT Ahmedabad15 Jan 2018AY 2010-11

Bench: Shri N.K. Billaiya & Shri Mahavir Prasad)

For Appellant: Ms. Ira Kapoor, ARFor Respondent: Shri V.K. Singh, Sr. D.R
Section 115JSection 32Section 40

…membership card is not an eligible asset u/s 32 of the Act as held by hon’ble Bombay high court in M/s. Technoshares and Stocks Ltd. Vs. CIT 193 Taxman 248. The CIT(A) observes that the hon’ble apex court has reversed the above stated decision as reported in 327 ITR 323 with a rider that the same relates to Bombay Stock Exchange card only. He reproduces relevant portion of this judgment as well. However, the Revenue fails to point out any distinction between the assessee’s Ahmedabad Stock Exchange card and relevant features of Bombay Stock Exchange card. Nor such a distinction is forthcoming from hon’ble apex co…

Knight Riders Sports P. Ltd, Mumbai vs. Asst CIT Cen Cir 29, Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

ITA 1307/MUM/2013[2009-10]Status: DisposedITAT Mumbai29 Dec 2017AY 2009-10

Bench: Shri G.S.Pannu, Am & Shri Ravish Sood, Jm M/S Knight Riders Sports Acit, Central Circle-29, Private Limited, Deepvan बिधम/ Mumbai. Anand Vihar Society, 20Th Vs. Road, Khar (W), Mumbai-400 052 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aadck3118M (अऩीराथी /Appellant) (प्रत्मथी / Respondent) :

For Appellant: Mr. J.D. Mistry, A.RFor Respondent: Mr. Rajesh Yadav, D.R
Section 143(3)Section 250Section 32(1)(ii)Section 37(1)

…e. The A.O in order to fortify his view that the franchise payment made by the assessee was clearly in the nature of a capital expenditure placed reliance on the judgment of the Hon’ble Supreme Court in the case of Techno Shares and Stocks Ltd. Vs. CIT (2010) 327 ITR 323 (SC). The A.O observed that in the aforesaid case the issue before the Hon‟ble Apex Court was as to whether the BSE membership card held by a share broker in the Bombay Stock Exchange (BSE) was a “license” or a “business or commercial right” of a similar nature under Sec. 32(1)(ii), and therefore, an intangible asset eligible for depreciation und…

DCIT, Bangalore vs. M/S Bosch Limited, Bangalore

In the result, the assessee's appeals are partly allowed and revenue’s appeal for the A

ITA 750/BANG/2014[2007-08]Status: DisposedITAT Bangalore06 Nov 2017AY 2007-08

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

For Appellant: Shri K.P. Kumar, Senior AdvocateFor Respondent: Shri R.N. Parbat, CIT-III (D.R)
Section 23

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH ‘ C ’ BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER I.T. A. Nos.750 & 751/Bang/2014 (Assessment Years : 2007-08 & 2008-09) Dy. Commissioner of Income Tax (LTU), Bangalore. …. Appellant. Vs. M/s. Bosch Limited, Hosur Road, Adugodi, Bangalore-560 030. ….. Respondent. I.T. A. Nos.713 & 714/Bang/2014 (Assessment Years : 2007-08 & 2008-09) M/s. Bosch Limited, Hosur Road, Adugodi, Bangalore-560 030. ….. Appellant. Vs. Dy. Commissioner of Income Tax (LTU), Bangalore. …. Respondent. Assessee By : Shri K.P. Kumar, Senior Ad…

M/S Way 2 Wealth Brokers (P) Ltd., Bangalore vs. DCIT, Bangalore

In the result, both the appeals of the assessee are allowed for statistical purpose

ITA 758/BANG/2016[2006-07]Status: DisposedITAT Bangalore06 Oct 2017AY 2006-07

Bench: Shri. Inturi Rama Rao

For Appellant: Shri. C. Ramesh, CAFor Respondent: Shri. B.R Ramesh, JCIT
Section 143(1)Section 143(2)Section 143(3)Section 147Section 2(11)Section 32

…on is required to be allowed on the WDV of these stock exchange membership cards. It was submitted that the rules and regulations dealing with BGSE and NSE as that of BGSE card, as held by the Hon’ble Supreme Court in Techno Shares & Stocks Ltd v. CIT [(2010) 327 ITR 323]. 08. On the other hand, the Ld. DR has submitted that the judgment of the Hon’ble Supreme Court was on the facts of that case and the Hon’ble Supreme Court has interpreted the rules and regulations as prevailing on the date of claim of depreciation. Our attention was drawn to the following paragraph : We wish to clarify that our present judgme…

ACIT, Chennai vs. Best & Crompton Engineering Projects Ltd., Chennai

In the result, the revenue appeal is dismissed

ITA 212/CHNY/2017[2012-13]Status: DisposedITAT Chennai07 Jun 2017AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: None
Section 143(3)Section 43(6)Section 43B

…ined by the Tribunal in the assessee’s own case for the assessment years 2002-03 to 2005-06 in ITA Nos. 1675 to 1678/Mds/2008 dated 20.04.2011. This Tribunal apparently placed its reliance on the judgment of the Supreme Court in Techno Stocks and Shares v CIT 327 ITR 323 and found that the assessee is eligible for depreciation. The CIT (Appeals) by placing reliance on the order of this Tribunal allowed the claim of the assessee. Now, the Revenue claims that an appeal was already filed before the high Court against the order of this Tribunal and it :-5-: I.T.A. N0. 212/Mds/2017 is pending. This Tribunal is of 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

…and to carry out exploration, development and production of hydrocarbon operations and is eligible for depreciation under 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…

West Gujarat Expressway Ltd, Mumbai vs. DCIT 14(3)(2), Mumbai

In the result, the appeal of Revenue is dismissed and that of assessee is allowed

ITA 664/MUM/2015[2010-11]Status: DisposedITAT Mumbai26 May 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Dy. Commissioner Of Income Tax, West Gujarat Expressway Circle 14(3)(1) Ltd. 453 Aayakar Bhavan, M.K. Marg The Il & Fs Financial Centre, Mumbai-400020 Vs. Plot No. C-22, G Block Bkc Complex, Bandra (E) Mumbai-400051 Pin No. Aaacw5862D Appellant .. Respondent West Gujarat Expressway Ltd. Dy. Commissioner Of Income Tax, The Il & Fs Financial Centre, Circle 14(3)(1) Plot No. C-22, G Block Bkc 453 Aayakar Bhavan, M.K. Vs. Complex, Bandra (E) Marg Mumbai-400051 Mumbai-400020 Pin No. Aaacw5862D Appellant .. Respondent

Section 143(3)

…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 t…

DCIT 14(3)(1), Mumbai vs. West Gujarat Expressway Ltd, Mumbai

In the result, the appeal of Revenue is dismissed and that of assessee is allowed

ITA 634/MUM/2015[2010-11]Status: DisposedITAT Mumbai26 May 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Dy. Commissioner Of Income Tax, West Gujarat Expressway Circle 14(3)(1) Ltd. 453 Aayakar Bhavan, M.K. Marg The Il & Fs Financial Centre, Mumbai-400020 Vs. Plot No. C-22, G Block Bkc Complex, Bandra (E) Mumbai-400051 Pin No. Aaacw5862D Appellant .. Respondent West Gujarat Expressway Ltd. Dy. Commissioner Of Income Tax, The Il & Fs Financial Centre, Circle 14(3)(1) Plot No. C-22, G Block Bkc 453 Aayakar Bhavan, M.K. Vs. Complex, Bandra (E) Marg Mumbai-400051 Mumbai-400020 Pin No. Aaacw5862D Appellant .. Respondent

Section 143(3)

…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 t…

DCIT, Chengalput vs. Best & Crompton Engg. Projects Ltd., Chennai

The appeal of the Revenue is partly allowed

ITA 647/CHNY/2016[2011-12]Status: DisposedITAT Chennai28 Feb 2017AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita No. 646/Mds/2016 िनधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner Of M/S. Best & Crompton Engg. Income Tax, V. Projects Ltd., Pgp House, 2Nd Floor, Corporate Circle – 1 (2), Chennai – 34. No.57, Sterling Road, Nungambakkam, Chennai – 34. Pan : Aabcb5248H (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No. 647/Mds/2016 िनधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner Of M/S. Best & Crompton Engg. Ltd., Income Tax, V. No.28, Sidco Industrial Estate, Corporate Circle – 1 (2), Ambattur, Chennai - 58. Chennai – 34. Pan : Aaacb2753N (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Shiva Srinivas, Jcit ""यथ" क" ओर से/Respondent By : None सुनवाई क" तारीख/Date Of Hearing : 11.01.2017 घोषणा क" तारीख/Date Of Pronouncement : 28.02.2017 आदेश आदेश /O R D E R आदेश आदेश

For Appellant: Shri Shiva Srinivas, JCITFor Respondent: None
Section 260ASection 32(1)(ii)

…he assessment years 2002-03 to 2005-06 in ITA Nos. 1675 to 1678/Mds/2008 dated 20.04.2011. This Tribunal apparently placed its reliance on the judgment of the 4 I.T.A. No.646/Mds/2016 & I.T.A. No.647/Mds/2016 Supreme Court in Techno Stocks and Shares v CIT 327 ITR 323 and found that the assessee is eligible for depreciation. The CIT (Appeals) by placing reliance on the order of this Tribunal allowed the claim of the assessee. Now, the Revenue claims that an appeal was already filed before the high Court against the order of this Tribunal and it is pending. This Tribunal is of the considered opinion mere p…

DCIT, Chengalput vs. Best & Crompton Engg. Projects Ltd., Chennai

The appeal of the Revenue is partly allowed

ITA 646/CHNY/2016[2011-12]Status: DisposedITAT Chennai28 Feb 2017AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita No. 646/Mds/2016 िनधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner Of M/S. Best & Crompton Engg. Income Tax, V. Projects Ltd., Pgp House, 2Nd Floor, Corporate Circle – 1 (2), Chennai – 34. No.57, Sterling Road, Nungambakkam, Chennai – 34. Pan : Aabcb5248H (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No. 647/Mds/2016 िनधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner Of M/S. Best & Crompton Engg. Ltd., Income Tax, V. No.28, Sidco Industrial Estate, Corporate Circle – 1 (2), Ambattur, Chennai - 58. Chennai – 34. Pan : Aaacb2753N (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Shiva Srinivas, Jcit ""यथ" क" ओर से/Respondent By : None सुनवाई क" तारीख/Date Of Hearing : 11.01.2017 घोषणा क" तारीख/Date Of Pronouncement : 28.02.2017 आदेश आदेश /O R D E R आदेश आदेश

For Appellant: Shri Shiva Srinivas, JCITFor Respondent: None
Section 260ASection 32(1)(ii)

…he assessment years 2002-03 to 2005-06 in ITA Nos. 1675 to 1678/Mds/2008 dated 20.04.2011. This Tribunal apparently placed its reliance on the judgment of the 4 I.T.A. No.646/Mds/2016 & I.T.A. No.647/Mds/2016 Supreme Court in Techno Stocks and Shares v CIT 327 ITR 323 and found that the assessee is eligible for depreciation. The CIT (Appeals) by placing reliance on the order of this Tribunal allowed the claim of the assessee. Now, the Revenue claims that an appeal was already filed before the high Court against the order of this Tribunal and it is pending. This Tribunal is of the considered opinion mere p…

Huntsman International (India) P.Ltd, Mumbai vs. DCIT 10(1)(1), Mumbai

The appeal of the assessee is partly allowed, that of Revenue is dismissed

ITA 5637/MUM/2015[2011-12]Status: DisposedITAT Mumbai31 Jan 2017AY 2011-12

Bench: Shri G.S.Pannu & Shri Amarjit Singhm/S.Huntsman International (India) Private Limited, B-Wing, Lighthall, Hiranandani Business Park, Saki Vihar Road, Mumbai 400 072 Pan: Aaach9149J ...... Appellant Vs. The Dcit, 10(1)(1), Mumbai. .... Respondent The Dcit, 10(1)(1), Mumbai. ..... Appellant

For Appellant: Shri S.N.SoparkarFor Respondent: Shri N.K.Chand
Section 143(3)Section 14ASection 271Section 32Section 32(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “K”, MUMBAI BEFORE SHRI G.S.PANNU, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER M/s.Huntsman International (India) Private Limited, B-Wing, Lighthall, Hiranandani Business Park, Saki Vihar Road, Mumbai 400 072 PAN: AAACH9149J ...... Appellant Vs. The DCIT, 10(1)(1), Mumbai. .... Respondent The DCIT, 10(1)(1), Mumbai. ..... Appellant Vs. M/s.Huntsman International (India) Private Limited, B-Wing, Lighthall, Hiranandani Business Park, Saki Vihar Road, Mumbai 400 072 PAN: AAACH9149J ...... Appellant Assessee by : Shri S.N.Soparkar Revenue by : Sh…

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

…business and therefore depreciation is allowable to the assessee. For this proposition 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 depreciat…

Jm Financial Services Ltd, Mumbai vs. JCIT (OSD) 4(3), Mumbai

Accordingly dismissed. However, in view of our findings given above, the appeal of the assessee is treated as partly allowed

ITA 3654/MUM/2014[2009-10]Status: DisposedITAT Mumbai28 Dec 2016AY 2009-10

Bench: Shri G.S. Pannu & Shri Sanjay Gargassessment Year: 2009-10 M/S. J.M. Financial Services The Joint Commissioner Of Ltd., Income-Tax (Osd)-4(3), (Formerly Jm Financial Room No.635, Services Pvt. Ltd.), Aayakar Bhavan, Vs. 7Th Floor, Cnergy, M.K. Road, Appasaheb Marathe Marg, Mumbai - 400020 Prabhadevi, Mumbai – 400 025 Pan: Aaacj5977A (Appellant) (Respondent) Assessment Year: 2009-10

For Appellant: Shri K. Shivaram, A.RFor Respondent: Shri Alok Johri, D.R
Section 14A

…own case of the assessee for AY 2008-09. We notice that the Tribunal has allowed the similar claim of the assessee for depreciation on BSE/ NSE cards following the decision of the Hon’ble Supreme Court in the case of ‘Tecno Shares and Stock ltd’. reported in 327 ITR 323(SC) . Respectfully following the decision of the 4 ITA No.3654/M/2014 & ITA No.3660/M/2014 M/s. J.M. Financial Services Ltd. Co- ordinate bench of the Tribunal in the own case of the assessee, we allow this issue in favour of the assessee. Ground B: Disallowance of lease rentals paid on motor vehicles During the year under consideration, the as…

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)

…f Multi Commodity Exchange.‖ 2.2 In the aforesaid order the Tribunal has duly considered the decision of Hon'ble Jurisdictional High Court in the case of CIT vs. Techno Shares and Stock Ltd. (323 ITR 69), decision from Hon'ble Apex Court in the case of (2010) 327 ITR 323 (SC) holding that the stock exchange membership cards are eligible for depreciation under section 32 of the Act being in the nature of intangible asset. Respectfully following the decision from the Coordinate Bench that too in the case of assessee itself for Assessment year 2007-08, we allow the impugned ground raised before us, thus, this ground…

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)

…f Multi Commodity Exchange.‖ 2.2 In the aforesaid order the Tribunal has duly considered the decision of Hon'ble Jurisdictional High Court in the case of CIT vs. Techno Shares and Stock Ltd. (323 ITR 69), decision from Hon'ble Apex Court in the case of (2010) 327 ITR 323 (SC) holding that the stock exchange membership cards are eligible for depreciation under section 32 of the Act being in the nature of intangible asset. Respectfully following the decision from the Coordinate Bench that too in the case of assessee itself for Assessment year 2007-08, we allow the impugned ground raised before us, thus, this ground…