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2013 (8) TMI 1024 - AT - Income TaxAdmission fees for taking membership of MCX and NCDEX - allowable deduction - Held that:- We find that the assessee had made payments towards membership fees of two exchanges Fees paid by it was onetime payment and as a result assessee was allowed to carry out business on both the exchanges. Such a right has to considered a capital asset. In the cases of Techno Shares and Stocks Ltd. (2010 (9) TMI 6 - SUPREME COURT OF INDIA ) and Smifs Securities Ltd. (2012 (8) TMI 713 - SUPREME COURT ) Hon'ble Apex court has held that Stock exchange membership cards were assets eligible for depreciation under section 32 of the Act. In our opinion membership fees paid by the assessee under the head exchanges cards fees is squarely covered by the above judgments. FAA has already directed the AO to allows depreciation. Therefore, we are of the opinion his order does not suffer from any infirmity - Decided against the assessee
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