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2016 (11) TMI 881 - AT - Income TaxDepreciation on stock exchange membership cards - Held that:- As relying on M/s Techno Shares & Stocks Ltd. Versus The Commissioner of Income Tax IV [2010 (9) TMI 6 - SUPREME COURT OF INDIA] stock exchange membership cards are eligible for depreciation under section 32 of the Act being in the nature of intangible asset. Respectfully following the decision from the Coordinate Bench that too in the case of assessee itself for Assessment year 2007-08, we allow the impugned ground raised before us, thus, this ground is decided in favour of the assessee. Disallowance of lease line charges under section 40(a)(ia) - non deduction of tds - Held that:- V-SAT and lease line charges cannot be considered as rendering of technical services, hence, provisions of section 40(a)(ia) are not applicable. See Kotak Mahindra Securities (2008 (8) TMI 592 - ITAT MUMBAI) and Angel Broking (2009 (12) TMI 498 - ITAT MUMBAI ) allowed the claim of the assessee . This issue is also covered by the decision of the Hon'ble A.Y.08-09 M/s.. Angel Commodities Broking P. Ltd. [2013 (7) TMI 1043 - ITAT MUMBAI ] - Decided in favour of the assessee.
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