1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.3188 OF 2009 The Commissioner of Income Tax-4. ...Appellant. Vs. M/s.J.M. Morgan Stanley Retail Services Private Ltd. ...Respondent. .... Mr. Vimal Gupta for the Appellant. Mr.Sujeeth S.Karkal i/b. Mr.Ajay R. Singh for the Respondent. ..... CORAM : DR.D.Y.CHANDRACHUD AND J.P.DEVADHAR, JJ. January 18, 2010. P.C. : The appeal was admitted on the following substantial question of law: “ Whether, on the facts and in the circumstances of the case and in law, the Tribunal was right in holding that depreciation u/s.32 of the Income Tax Act is allowable on the membership card of the Stock Exchange?” Counsel appearing on behalf of the Appellant and Counsel appearing on behalf of the Assessee state that the question of law is covered, in favour of the Revenue and against the assessee, by the judgment of the Division Bench in CIT vs. Techno Shares & Stock Ltd., 225 CTR 337. In the circumstances, the 2 appeal is allowed and the question of law is answered in terms of the judgment of Techno Shares (supra). There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)