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 demutu

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