https://www.taxtmi.com/caselaws?id=59358 Depreciation on a Bombay Stock Exchange membership card was treated as dependent on the statutory requirements of section 32, including capability of diminution in value, ownership and use for business purposes. A membership card may be a capital asset, but that alone does not establish depreciation entitlement. Because the record did not show whether the card was capable of diminution in value or whether the assessee satisfied the ownership and business-use conditions under the stock exchange rules, the claim could not be finally accepted. The matter was remitted to the Assessing Officer for fresh examination after giving the assessee an opportunity of hearing. en-us Tue, 16 Jan 2007 00:00:00 +0530 Wed, 29 Dec 2010 11:42:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59358 Depreciation on a Bombay Stock Exchange membership card was treated as dependent on the statutory requirements of section 32, including capability of diminution in value, ownership and use for business purposes. A membership card may be a capital asset, but that alone does not establish depreciation entitlement. Because the record did not show whether the card was capable of diminution in value or whether the assessee satisfied the ownership and business-use conditions under the stock exchange rules, the claim could not be finally accepted. The matter was remitted to the Assessing Officer for fresh examination after giving the assessee an opportunity of hearing. Case-Laws Income Tax Tue, 16 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59358