2011 (3) TMI 1614

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..... rder dated 7.6.2010 of CIT(A) for the assessment year 2007-08. The only dispute raised by the assessee in this appeal is regarding allowability of depreciation on stock exchange card. The assessee had claimed depreciation of ₹ 51,85,031/- on stock exchange card @ 25%. The AO disallowed the claim of depreciation following the judgment of Hon'ble High Court of Mumbai in case of Techno Shar .....

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..... r section 32(1)(ii) and therefore depreciation was not allowable. However the said judgment of the Bombay High Court has recently been considered by the Hon'ble Supreme Court in the same case and it was held that stock exchange card is akin to a license and therefore it is covered under section 32(1)(ii) and depreciation is allowable. We therefore respectfully following the said judgment of Ho .....

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