https://www.taxtmi.com/caselaws?id=198668 The Appellate Tribunal ITAT Mumbai reversed the CIT(A)'s decision to allow depreciation on the BSE Membership Card, following the precedent set by the Bombay High Court. The Tribunal upheld the CIT(A)'s deletion of expenditure allocation for speculation loss, cessation of liability, and disallowance of interest on loans, based on the interpretation of relevant legal provisions and lack of evidence supporting the Revenue's arguments. The Tribunal allowed the Revenue's appeal in part, specifically rejecting the depreciation claim while affirming the CIT(A)'s decisions on other issues. en-us Fri, 26 Mar 2010 00:00:00 +0530 Wed, 07 Feb 2018 10:15:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198668 The Appellate Tribunal ITAT Mumbai reversed the CIT(A)'s decision to allow depreciation on the BSE Membership Card, following the precedent set by the Bombay High Court. The Tribunal upheld the CIT(A)'s deletion of expenditure allocation for speculation loss, cessation of liability, and disallowance of interest on loans, based on the interpretation of relevant legal provisions and lack of evidence supporting the Revenue's arguments. The Tribunal allowed the Revenue's appeal in part, specifically rejecting the depreciation claim while affirming the CIT(A)'s decisions on other issues. Case-Laws Income Tax Fri, 26 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198668