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Depreciation on BSE membership card is allowable

Raj Kumar Makkad ,
  24 November 2010       Share Bookmark

Court :
Bombay High Court
Brief :
Depreciation- Applicability of Section 32(1)(ii) of the Income Tax Act, 1961- Whether Tribunal erred in allowing the depreciation on BSE Membership card to the Assessee
Citation :
Income Tax Officer Vs. M/s. Techno Shares & Stocks Ltd (Decided on 20.10.2010) MANU/IU/0536/2010

Held, In the present case the ratio in the case of Techno Shares & Stocks Ltd. v. CIT was no more res integra. Depreciation was allowable on the cost of the membership card under Section 32(1)(ii) of the Income Tax Act, 1961.

 
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Published in Taxation
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