https://www.taxtmi.com/caselaws?id=119325 Expenditure incurred to acquire Stock Exchange membership was treated as capital expenditure because the membership card conferred transferable rights and an enduring business advantage, so the deduction claim failed. Depreciation under section 32 was denied because the card was not shown to be an asset capable of wear, deterioration or obsolescence, and the later intangible-asset provision was not applicable to the relevant assessment year. The Revenue's objection to depreciation therefore succeeded, while the assessee could not claim revenue deduction for the acquisition cost. en-us Thu, 26 Jul 2007 00:00:00 +0530 Tue, 10 Jul 2012 14:09:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119325 Expenditure incurred to acquire Stock Exchange membership was treated as capital expenditure because the membership card conferred transferable rights and an enduring business advantage, so the deduction claim failed. Depreciation under section 32 was denied because the card was not shown to be an asset capable of wear, deterioration or obsolescence, and the later intangible-asset provision was not applicable to the relevant assessment year. The Revenue's objection to depreciation therefore succeeded, while the assessee could not claim revenue deduction for the acquisition cost. Case-Laws Income Tax Thu, 26 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119325