Month: July 2009

As per order of the Hon’ble President, ITAT dated 10.07.09, the above case will be heard by a Special bench comprising of Shri G.E. Veerabhadrappa, V.P. (DZ), Shri C.L. Sethi, JM and Shri K.D. Ranjan, AM to hear and dispose of the questions on the following points:


1. “Whether, the said Notification (Notification No. GSR 389E dated 03.06.2009) applies to the Members who have retired prior to the date of publication of the Notification?


The substantial question of law arises in the present appeal is regarding the correct interpretation of section 32 and other sections of the Income tax Act, 1961 and whether in the fats and circumstances of the case and in law, the Hon’ble Tribunal is right in holding that the depreciation is allowable on the National Stock Exchange membership card held by the assessee if the card was acquired after 1-4-1998

The following two Orders are available: Source:

Hon’ble Shri. Tilak Raj Sood, Accountant Member, presently posted at Chennai, has been transferred to the Mumbai Bench with effect from 13.7.2009

Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from such projects if it commenced the project on or after 1.10.1998 and completes the construction within four years from the financial year in which the housing project is approved by the local authority.