https://www.taxtmi.com/caselaws?id=183100 The Hon'ble Bombay High Court held that depreciation under section 32 of the Act cannot be claimed on stock exchange Membership cards acquired after 1.4.1998 as they do not qualify as "intangible assets." The court reversed the CIT(A)'s decision, disallowing depreciation on the BSE card and FEDAI membership card. The revenue's appeal was partly allowed, and the Assessing Officer's order was restored. The Tribunal dismissed the revenue's grounds on bad debts, personal and club membership expenditure, penalty for short margin, and deduction u/s 80M. The appeal by the assessee was dismissed as not pressed. en-us Fri, 06 Aug 2010 00:00:00 +0530 Sat, 28 May 2016 10:20:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183100 The Hon'ble Bombay High Court held that depreciation under section 32 of the Act cannot be claimed on stock exchange Membership cards acquired after 1.4.1998 as they do not qualify as "intangible assets." The court reversed the CIT(A)'s decision, disallowing depreciation on the BSE card and FEDAI membership card. The revenue's appeal was partly allowed, and the Assessing Officer's order was restored. The Tribunal dismissed the revenue's grounds on bad debts, personal and club membership expenditure, penalty for short margin, and deduction u/s 80M. The appeal by the assessee was dismissed as not pressed. Case-Laws Income Tax Fri, 06 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183100