https://www.taxtmi.com/caselaws?id=77379 SC held that a stock-exchange membership card is an intangible licence-like commercial right falling under s.32(1)(ii) of the 1961 Act, so depreciation on its cost is allowable. The Court found the membership right (including nomination) vests in the Exchange only upon member's default or demise, otherwise the member retains trading and nomination rights. By virtue of the statutory explanation, the membership right has economic value and qualifies as a licence or similar business right, and the Tribunal was correct in permitting depreciation. en-us Thu, 09 Sep 2010 00:00:00 +0530 Wed, 27 Aug 2025 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77379 SC held that a stock-exchange membership card is an intangible licence-like commercial right falling under s.32(1)(ii) of the 1961 Act, so depreciation on its cost is allowable. The Court found the membership right (including nomination) vests in the Exchange only upon member's default or demise, otherwise the member retains trading and nomination rights. By virtue of the statutory explanation, the membership right has economic value and qualifies as a licence or similar business right, and the Tribunal was correct in permitting depreciation. Case-Laws Income Tax Thu, 09 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77379