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Allowability of depreciation on the Bombay Stock Exchange Membership Card
Case Law Details
- Case Name
- CIT Vs Techno Shares & Shares Limited and Various other Stock Broking Houses (Bombay High Court)
- Appeal Number
- Only available for paid members
- Courts
- All High Courts, Bombay High Court
Recently, the Bombay High Court in the case of CIT v. Techno Shares & Shares Limited and Various other Stock Brooking Houses (ITA No. 971 of 2006 and 218 of 2007) held that the depreciation cannot be granted on Bombay Stock Exchange Membership Card (BSE card) acquired on or after 1 April 1998 either by nomination or directly through the stock exchange.
Facts of the case
The taxpayers owning a BSE card acquired on or after 1 April 1998 either by nomination or directly through the stock exchange, claimed depreciation on the BSE card after considering it as an intangible asset under the prov...
