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2009 (12) TMI 615 - AT - Income TaxDepreciation on the value of BSE Card - Bombay High Court in the case of Techno Shares & Stocks Ltd. (2009 -TMI - 34562 - BOMBAY HIGH COURT) has held that depreciation under section 32 of the Act, cannot be allowed on stock exchange Membership card acquired by an assessee on or after 1-4-1998 - Decided against the assessee Regarding VSAT charges and leaseline charges - Learned CIT(A) followed the decision in Skycell Communications Ltd. (2001 -TMI - 13961 - MADRAS High Court) and held that the provisions of section 194J are not attracted to VSAT charges because those charges are not for providing any technical services but use to infrastructure facilities and therefore no disallowance can be made under section 40(a)(ia) of the Act - Satellite based trading enables trading member to trade on exchange from their place of work across the country - Fact that the data provided on screen will provide better data for carrying out transaction will not again be sufficient to hold that technical services are being rendered - Decided in favor of the assessee
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