Depreciation on Stock Exchange Card: High Court hearing

Update 11 Sept 2009: The judgement in CIT vs. Techno Shares & Stocks (Bombay High Court) is now available.

Hon’ble Mr. Justice V. C. Daga and Hon’ble Mr. Justice J. P. Devadhar of Bombay High Court will be hearing the group matters on Monday, 27th July, 2009 on the issue of availability of depreciation on Stock Exchange Card at Court Room No. 53 (2nd Floor).

The questions referred in CIT vs. M/s. J. M. Morgan Stanley fixed Income Securities Ltd., ITXAL/263/07 is as under:-

“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 advocates who desire to argue and make representation on the above issue may inform the associate of High Court and also forward the case numbers.

A list of cases (provided by the department’s counsel) which will be posted for hearing can be downloaded here.


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