2013 (4) TMI 144

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....in the circumstances of the case, the Tribunal was right in law in allowing depreciation on the first stock exchange membership card purchased by the assessee in the financial year 1995-96 when under the provisions of section 32 of the Income-tax Act, depreciation on such an intangible asset is available if the asset is acquired on or after April 1, 1998 ?  (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the issue of bad debt is covered by the decision of the Special Bench in the case of Deputy CIT v. Shreyas S. Morakhia [2010] 5 ITR (Trib) 1 ; [2010] 40 SOT 432 when the Revenue has not accepted the said decision and has filed an appeal against the said order in the hon'....

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....46 of its deci-sion, adverted to the judgment of this court in Prime Securities Ltd. v. Asst. CIT (Investigation) [2011] 333 ITR 464 (Bom). The Tribunal has observed as follows :  "In the case under consideration, neither the Assessing Officer nor the Commissioner of Income-tax (Appeals) has examined and brought on record that the assessee has committed default in pay-ment of advance tax. After considering the facts of the case and in view of the decision of the jurisdictional High Court in the case of Prime Securities Ltd. [2011] 333 ITR 464 (Bom), we remit the matter back to the file of the Assessing Officer with a direction to examine and decide the issue in the light of the decision of the hon'ble juris-dictional High Court in t....