TMI Blog2006 (1) TMI 236X X X X Extracts X X X X X X X X Extracts X X X X ..... order of the CIT(A) on a common ground that the CIT(A) has erred in not allowing depreciation on Bombay Stock Exchange (BSE) Card owned by the assessee. 2. During the course of the hearing, the learned counsel for the assessee has invited our attention to the provisions of s. 32 of the IT Act, with the submission that the depreciation is allowable on know-how, patent, copy rights, trademarks, l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A No. 4510/Mum/1999) (4) Jagan Nath Sayal vs. Asstt. CGT (2000) 67 TTJ (Del)(SB) 1 : (2000) 72 ITD 1 (Del)(SB) (5) V.G. Gajjar vs. Dy. CIT (2005) 93 TTJ (Ahd) 70 : (2005) 1 SOT 702 (Ahd). 3. We have carefully perused the orders of the authorities below in the light of the aforesaid judgments and we find that it had been repeatedly held in series of orders of the Tribunal that the BSE card is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of s. 4(l)(a) of the GT Act. Likewise, in the case of J.P. Khandelwal (supra), the Tribunal has held that the membership card of the stock exchange is an asset arid profit arising out of the same is the income under the head of "Capital gain" and is taxable. Similar view was also expressed in the case of Jagan Nath Sayal vs. Asstt. CGT (supra) in which it has been held that the shares in De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... direct the AO to allow the depreciation as per law. 5. So far as Appeal No. 1951/2004 is concerned, assessee has raised one more ground with regard to order of the CIT(A) in not directing the AO to carry forward the speculation loss of Rs. 42,416. 6. We have carefully perused the orders in this regard and we find that the AO has disallowed a sum of Rs. 42,416 which was loss incurred on account ..... X X X X Extracts X X X X X X X X Extracts X X X X
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