https://www.taxtmi.com/caselaws?id=99594 The Appellate Tribunal ITAT of Mumbai allowed depreciation on the Bombay Stock Exchange (BSE) card, considering it an intangible asset under section 32 of the IT Act. The Tribunal directed the Assessing Officer (AO) to permit depreciation in accordance with the law. However, the Tribunal upheld the disallowance of carrying forward a speculation loss of Rs. 42,416, as the appellant did not contest it before the authorities, emphasizing the significance of timely addressing such issues for favorable outcomes in tax disputes. en-us Wed, 04 Jan 2006 00:00:00 +0530 Sat, 28 Jan 2012 09:17:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99594 The Appellate Tribunal ITAT of Mumbai allowed depreciation on the Bombay Stock Exchange (BSE) card, considering it an intangible asset under section 32 of the IT Act. The Tribunal directed the Assessing Officer (AO) to permit depreciation in accordance with the law. However, the Tribunal upheld the disallowance of carrying forward a speculation loss of Rs. 42,416, as the appellant did not contest it before the authorities, emphasizing the significance of timely addressing such issues for favorable outcomes in tax disputes. Case-Laws Income Tax Wed, 04 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99594