No addition for depreciation on stock exchange membership card

DCIT Vs Edelweiss Financial Advisors Ltd (ITAT Ahmedabad) Conclusion: Stock exchange membership card was not an eligible asset u/s 32 and thus, addition made by AO on account of depreciation on the intangible asset being membership card of the stock exchange was to be deleted. Held: Assessee was engaged in the business of stockbroking. AO during the assessment proceedings found that the membership card of the stock exchange held by assessee had been demutualized/corporatized into the shares in the earlier year 2005-06. As such assessee was not in the possession of a stock exchange card in the ...