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2012 (10) TMI 663 - BOMBAY HIGH COURTWhether depreciation on the stock exchange membership card purchased by the assessee allowed when under the provisions of section 32 of the Income-tax Act, depreciation on such an intangible asset is available if the asset is acquired on or after April 1, 1998 – Held that:- It is an expense incurred by the assessee which satisfies the test of being a "licence" or "any other business or commercial right of similar nature" in terms of Section 32(1)(ii). - Tribunal was right in holding that depreciation was allowable on the cost of the membership card under Section 32(1)(ii) of the 1961 Act.
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