No depreciation allowable on BSE membership card post corporatization of BSE

ITO Vs Sino Securities Pvt. Ltd. (ITAT Mumbai) – After hearing both the parties, we find that the issue is covered against the Revenue and in favour of the assessee by the decision of Mumbai “C” Bench of the Tribunal in ITA no.5538/Mum./2009, for assessment year 2006- 07, in ACIT v/s M/s. Omniscient Securities P. Ltd., order dated 16th March 2011, wherein the Tribunal, vide Para-10, dismissed the ground raised by the Revenue, which reads as follows:- “10. We have considered the rival submissions. We find that the entire case of the AO is on the premise that in the even...