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2010 (5) TMI 99 - HC - Income TaxDepreciation on membership card – membership card of Bombay Stock Exchange - The petitioner acquired a membership card of the Bombay Stock Exchange for a consideration of Rs.1.81 crores which was paid to an existing member of the Stock Exchange. The Assessing Officer did not accept the case of the assessee that it would be entitled to depreciation on the cost of the membership card. – CIT(A) allowed the claim of depreciation on the cost of the membership card “treating it as a plant” – ITAT disallowed the claim of depreciation saying that membership card could not be considered as an asset for allowing depreciation. Held that: it would be necessary to note that the distinguishing features in the case of Khandwala Finance Limited (a decision of the tribunal) which have been pointed out during the course of submissions by Counsel for the assessee are sufficient for this Court to hold that an opportunity should be granted to the petitioner to place its case on the applicability or otherwise of the decision in Khandwala Finance Limited before the Tribunal. – matter remanded back to tribunal
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