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“BSE membership card”

DepreciationSection 32(1)(ii)Section 32(1)(ii)42 judgments

The decision most relied on for BSE membership card is Techno Shares & Stocks Ltd. v. CIT-IV (193 Taxmann 248), cited in 40 judgments on BharatTax.

Leading authorities on BSE membership card

Techno Shares & Stocks Ltd. v. CIT-IV
193 Taxmann 248 · 2010 · Supreme Court
40
citing judgments

The Supreme Court in Techno Shares & Stocks Ltd. v. CIT-IV held that depreciation is not available on a BSE membership card under section 32(1)(ii) of the Income Tax Act as it is not a depreciable asset for the purpose of business or commercial rights of a similar nature.

Judgments citing BSE membership card

DCIT, Circle- 25(1), New Delhi vs. Telecommunication Consultants India Ltd., New Delhi

ITA 3801/DEL/2018[2013-14]Status: DisposedITAT Delhi26 Jul 2023AY 2013-14

Bench: Sh. N.K.Billaiya & Sh.Anubhav Sharmaita No. 3801/Del/2018, A.Y. 2013-14 Dcit, Vs. M/S.Telecommunication Circle-25(1), Consultants India Ltd. New Delhi 106, Plot No. 4, Vishwadeep Tower, District Centre, Janakpuri, New Delhi-110058 Pan : Aaact0061H Appellant Respondent

Section 143(3)Section 32

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

DCIT Cir. 4(3)(2), Mumbai vs. Morgan Stanley India Co. Pvt. Ltd., Mumbai

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

ITA 2720/MUM/2016[2008-09]Status: DisposedITAT Mumbai30 Jun 2023AY 2008-09
Section 32(1)Section 40Section 40A(2)Section 92Section 92CSection 92C(2)

Supreme Court in Techno Shares and Stocks Ltd (supra) held that a non-defaulting continuing member of BSE is entitled to depreciation on BSE membership card, as the said right of membership is a licence or akin to licence in terms of section

Morgan Stanley India Company P. Ltd, Mumbai vs. Addl CIT 4(3), Mumbai

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

ITA 1714/MUM/2016[2008-09]Status: DisposedITAT Mumbai30 Jun 2023AY 2008-09
Section 32(1)Section 40Section 40A(2)Section 92Section 92CSection 92C(2)

Supreme Court in Techno Shares and Stocks Ltd (supra) held that a non-defaulting continuing member of BSE is entitled to depreciation on BSE membership card, as the said right of membership is a licence or akin to licence in terms of section

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

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

ITA 2637/MUM/2014[2003-04]Status: DisposedITAT Mumbai30 Jun 2023AY 2003-04
Section 32(1)Section 40Section 40A(2)Section 92Section 92CSection 92C(2)

Supreme Court in Techno Shares and Stocks Ltd (supra) held that a non-defaulting continuing member of BSE is entitled to depreciation on BSE membership card, as the said right of membership is a licence or akin to licence in terms of section

Morgan Stanley India Company P.Ltd, Mumbai vs. Asst CIT RG 4(3), Mumbai

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

ITA 1952/MUM/2014[2003-04]Status: DisposedITAT Mumbai30 Jun 2023AY 2003-04
Section 32(1)Section 40Section 40A(2)Section 92Section 92CSection 92C(2)

Supreme Court in Techno Shares and Stocks Ltd (supra) held that a non-defaulting continuing member of BSE is entitled to depreciation on BSE membership card, as the said right of membership is a licence or akin to licence in terms of section

ACIT 4(3), Mumbai vs. Morgan Stanley India Co. Pvt. Ltd., Mumbai

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

ITA 1235/MUM/2014[2009-10]Status: DisposedITAT Mumbai30 Jun 2023AY 2009-10
Section 32(1)Section 40Section 40A(2)Section 92Section 92CSection 92C(2)

Supreme Court in Techno Shares and Stocks Ltd (supra) held that a non-defaulting continuing member of BSE is entitled to depreciation on BSE membership card, as the said right of membership is a licence or akin to licence in terms of section

Morgan Stanley India Company P.Ltd, Mumbai vs. Addl CIT RG 4(3), Mumbai

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

ITA 1018/MUM/2014[2009-10]Status: DisposedITAT Mumbai30 Jun 2023AY 2009-10
Section 32(1)Section 40Section 40A(2)Section 92Section 92CSection 92C(2)

Supreme Court in Techno Shares and Stocks Ltd (supra) held that a non-defaulting continuing member of BSE is entitled to depreciation on BSE membership card, as the said right of membership is a licence or akin to licence in terms of section

Addl CIT RG 4(3), Mumbai vs. Morgan Stanley India Co P. Ltd, Mumbai

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

ITA 831/MUM/2013[2007-08]Status: DisposedITAT Mumbai30 Jun 2023AY 2007-08
Section 32(1)Section 40Section 40A(2)Section 92Section 92CSection 92C(2)

Supreme Court in Techno Shares and Stocks Ltd (supra) held that a non-defaulting continuing member of BSE is entitled to depreciation on BSE membership card, as the said right of membership is a licence or akin to licence in terms of section

Morgan Stanley India Company P.Ltd, Mumbai vs. Addl CIT RG 4(3), Mumbai

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

ITA 7675/MUM/2012[2007-08]Status: DisposedITAT Mumbai30 Jun 2023AY 2007-08
Section 32(1)Section 40Section 40A(2)Section 92Section 92CSection 92C(2)

Supreme Court in Techno Shares and Stocks Ltd (supra) held that a non-defaulting continuing member of BSE is entitled to depreciation on BSE membership card, as the said right of membership is a licence or akin to licence in terms of section

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

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

ITA 7118/MUM/2010[2006-07]Status: DisposedITAT Mumbai25 Nov 2022AY 2006-07

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Sunil M. LalaFor Respondent: Ms. Vatsalaa Jha
Section 143(3)Section 144C(13)Section 144C(5)Section 14ASection 40Section 40A(2)

Supreme Court in Techno Shares and Stocks Ltd (supra) held that a non-defaulting continuing member of BSE is entitled to depreciation on BSE membership card, as the said right of membership is a licence or akin to licence in terms of section

M/S Karnataka Emta Coal Mines Limited, Bangalore vs. The Assistant Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, assessee’s appeals are partly allowed for statistical purposes

ITA 2139/BANG/2018[2014-15]Status: DisposedITAT Bangalore14 Nov 2022AY 2014-15

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar &
Section 32(1)(ii)Section 35ESection 37

case of Techno Shares and Stocks Ltd. (supra), 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

M/S Karnataka Emta Coal Mines Limited, Bangalore vs. The Assistant Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, assessee’s appeals are partly allowed for statistical purposes

ITA 2138/BANG/2018[2013-14]Status: DisposedITAT Bangalore14 Nov 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar &
Section 32(1)(ii)Section 35ESection 37

case of Techno Shares and Stocks Ltd. (supra), 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

M/S Karnataka Emta Coal Mines Limited, Bangalore vs. The Assistant Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, assessee’s appeals are partly allowed for statistical purposes

ITA 2137/BANG/2018[2012-13]Status: DisposedITAT Bangalore14 Nov 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar &
Section 32(1)(ii)Section 35ESection 37

case of Techno Shares and Stocks Ltd. (supra), 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

M/S Karnataka Emta Coal Mines Limited, Bangalore vs. The Assistant Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, assessee’s appeals are partly allowed for statistical purposes

ITA 2136/BANG/2018[2011-12]Status: DisposedITAT Bangalore14 Nov 2022AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar &
Section 32(1)(ii)Section 35ESection 37

case of Techno Shares and Stocks Ltd. (supra), 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

M/S Karnataka Emta Coal Mines Limited, Bangalore vs. The Assistant Commissioner of Income Tax Circle-4(1)(1), Bangalore

In the result, assessee’s appeals are partly allowed for statistical purposes

ITA 2135/BANG/2018[2010-11]Status: DisposedITAT Bangalore14 Nov 2022AY 2010-11

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Smt. Sheetal Borkar, A.RFor Respondent: Shri Gudimella V.P. Pavan Kumar &
Section 32(1)(ii)Section 35ESection 37

case of Techno Shares and Stocks Ltd. (supra), 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

Merck Specialities Pvt. Ltd, Mumbai vs. The Dy. Commissioner of Income Tax, Circle-7(2)(1), Mumbai

In the result, appeal by the assessee is partly allowed for statistical purpose

ITA 2056/MUM/2016[2011-12]Status: DisposedITAT Mumbai14 Oct 2022AY 2011-12

Bench: Shri Pramod Kumar & Shri Sandeep Singh Karhail

For Appellant: Ms. Aarti Vissanji a/wFor Respondent: Ms. Vatsalaa Jha
Section 143(3)Section 144C(1)Section 4Section 5Section 92CSection 92C(1)

goodwill as licensed/franchise. We find that in the aforesaid decision the Hon’ble Supreme Court was dealing with the issue of depreciation on BSE membership card under section 32(1)(ii) of the Act. Therefore, same is not applicable to the facts of the present case. Before concluding

;Marie Gold Realtors P. Ltd., Mumbai vs. ACIT-CC-8(1), Mumbai

In the result, appeals filed by the assessee are allowed

ITA 825/MUM/2021[2012-13]Status: DisposedITAT Mumbai26 Jul 2022AY 2012-13

Bench: Shri Pavan Kumar Gadale, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Siddharth KotariFor Respondent: Shri S.N. Kabra
Section 143(2)Section 143(3)Section 32(1)(ii)

decision of the case of Techno Shares and Stocks has simply been brushed away stating that, a BSE membership card is a asset different from tenancy right. The fact is that both the membership card and tenancy right enabled the assessee to carry on its business. The tenancy rights represent

Marie Gold Realtors P. Ltd., Mumbai vs. ACIT-CC-8(1), Mumbai

In the result, appeals filed by the assessee are allowed

ITA 824/MUM/2021[2017-18]Status: DisposedITAT Mumbai26 Jul 2022AY 2017-18

Bench: Shri Pavan Kumar Gadale, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

For Appellant: Shri Siddharth KotariFor Respondent: Shri S.N. Kabra
Section 143(2)Section 143(3)Section 32(1)(ii)

decision of the case of Techno Shares and Stocks has simply been brushed away stating that, a BSE membership card is a asset different from tenancy right. The fact is that both the membership card and tenancy right enabled the assessee to carry on its business. The tenancy rights represent

Jt. CIT (OSD), CC-7(2), Mumbai vs. M/S. Andhra Expressway Ltd, Mumbai

In the result, both the appeals filed by the revenue stands dismissed

ITA 1588/MUM/2021[2014-15]Status: DisposedITAT Mumbai24 Jun 2022AY 2014-15

Bench: Shri G. S. Pannu & Shri Amit Shukla, Jm आयकरअपीलसं./ I.T.A. No. 1588/Mum/2021 (ननधधारणवर्ा / Assessment Year: 2014-15) & आयकरअपीलसं./ I.T.A. No. 1589/Mum/2021 (ननधधारणवर्ा / Assessment Year: 2013-14) Jcit (Osd), Cc-7(2), M/S Andhra Expressway Ltd. R. No. 655, Aayakar बनाम/ Ground Floor, Gammon Bhavan, M. K. Road, House, Veer Savarkar Vs. Mumbai-400020 Marg, Prabhadevi, Mumbai-400 025 स्थधयीलेखधसं./जीआइआरसं./ Pan No. Aadca3577E (अपीलधथी/Appellant) (प्रत्यथी / Respondent) : अपीलधथीकीओरसे/ Appellant By : Smt. Shailja Rai, Ld. Dr प्रत्यथीकीओरसे/Respondent By Shri Rakesh Joshi, Ld. Ar : सुनवधईकीतधरीख/ : 01.06.2022 Date Of Hearing घोर्णधकीतधरीख / : 24.06.2022 Date Of Pronouncement आदेश / O R D E R Per Amit Shukla: The Aforesaid Appeals Have Been Filed By The Revenue Against The Separate Impugned Order Of Even Date 29.06.2021, Passed By 2

For Appellant: Smt. Shailja Rai, Ld. DR
Section 143(3)Section 32Section 32(1)(ii)Section 80I

case of Techno Shares and Stocks Ltd. (supra), 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

Rosy Blue Securities P.Ltd, Mumbai vs. Addl CIT RG 4(2), Mumbai

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

ITA 3509/MUM/2012[2008-09]Status: DisposedITAT Mumbai06 Apr 2022AY 2008-09

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Blem/S. Rosy Blue Securities Pvt. Ltd., V. Addl. Cit – Range – 4(2) 154/C, Mittal Court Aayakar Bhavan, M.K. Road Nariman Point, Mumbai -400021 Mumbai - 400020 Pan: Aaacr4082Q

For Appellant: Shri Nitesh JoshiFor Respondent: Shri S.N. Kabra
Section 32Section 55(2)

learned Commissioner of Income-tax (Appeals) erred in upholding the disallowance of depreciation of Rs 9,38,281/- on WDV of “BSE Membership Card”. It is submitted that “BSE Membership Card is a capital asset on which depreciation was allowed in earlier years and as such this and in accordance ... with the provisions of section 32 of the Act, the appellant is entitled to depreciation on W.D.V. of Rs. 37,53,122/- BSE Membership Card” 2. The conclusion arrived at by the learned Commissioner of Income-tax (Appeals) and by the learned Assessing Officer is erroneous and contrary