Appeal dismissed due to lack of legal questions; focus on Income Tax Act provisions for asset depreciation.

The Court dismissed the appeal, finding no substantial question of law arising for consideration. The judgment emphasized the importance of considering the nature of expenditure, specific provisions of the Income Tax Act, and directions from the Tribunal in determining the eligibility of depreciation for expenses related to assets such as stock exchange membership cards. The Assessing Officer was directed to provide a personal hearing to the appellant's representative and conclude the proceedings within twelve weeks.

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Issues:
1. Consideration of expenditure incurred to purchase stock exchange membership card as a 'tool to trade' eligible for depreciation.
2. Whether the membership card qualifies as 'a plant' for depreciation under section 32(1)(i) of the Income Tax Act.

Issue 1:
The primary issue in this case is whether the expenditure incurred by the assessee to purchase a stock exchange membership card should be considered a 'tool to trade' in the business of share trading and broking, making it eligible for depreciation under section 32 of the Income Tax Act. The Assessing Officer initially treated the expenditure as revenue expenditure. However, the Special Bench of the Tribunal later deemed the expenditure as capital in nature. The assessee contended that the membership card should be considered 'a plant' for depreciation purposes under section 32(1)(i) of the Act. The CIT(A) rejected this contention, but the Tribunal accepted it, directing the matter to be reconsidered by the Assessing Officer in accordance with the provisions of the Act.

Issue 2:
The second issue revolves around whether the membership card purchased by the assessee qualifies as 'a plant' for depreciation under section 32(1)(i) of the Income Tax Act. The appellant argued that a similar case in the High Court of Bombay supported their claim for depreciation. The respondent, on the other hand, cited Supreme Court and High Court decisions to argue that stock exchange membership is a personal permission and not a private asset. The Tribunal limited the scope of the direction to consider only the claim for depreciation, and emphasized that the Assessing Officer should verify the issue based on the Tribunal's directions. The Court affirmed the Tribunal's order, directing the Assessing Officer to provide a personal hearing to the appellant's representative and conclude the proceedings within twelve weeks.

In conclusion, the Court dismissed the appeal, finding no substantial question of law arising for consideration. The judgment underscores the importance of considering the nature of expenditure, the specific provisions of the Income Tax Act, and the directions given by the Tribunal in determining the eligibility of depreciation for expenses incurred in acquiring assets like stock exchange membership cards.

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