https://www.taxtmi.com/caselaws?id=121063 The ITAT ruled in favor of the assessee, Peninsular Capital Market Ltd., allowing depreciation on the membership card of the Bombay Stock Exchange under section 32(1)(ii) of the Income-tax Act, recognizing it as an intangible asset. However, the issue of compensating Select Securities Ltd. for terminating guarantor services was remanded for further examination to determine the applicability of section 40A(2)(vi). The appeals were partly allowed for the assessee and the revenue for statistical purposes. en-us Fri, 18 May 2007 00:00:00 +0530 Thu, 26 Jul 2012 13:03:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121063 The ITAT ruled in favor of the assessee, Peninsular Capital Market Ltd., allowing depreciation on the membership card of the Bombay Stock Exchange under section 32(1)(ii) of the Income-tax Act, recognizing it as an intangible asset. However, the issue of compensating Select Securities Ltd. for terminating guarantor services was remanded for further examination to determine the applicability of section 40A(2)(vi). The appeals were partly allowed for the assessee and the revenue for statistical purposes. Case-Laws Income Tax Fri, 18 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121063