1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL (LODG.) NO.2891 OF 2009 The Commissioner of Income Tax-4 ..Appellant. Vs. Bakliwal Financial Services (I) Pvt. Ltd. ..Respondent. .... Mr. Vimal Gupta for the Appellant. None for the Respondent. ..... WITH INCOME TAX APPEAL (LODG.) NO.2892 OF 2009 The Commissioner of Income Tax-4 ..Appellant. Vs. Dhyan Stock Broking Pvt. Ltd. ..Respondent. .... Mr. Vimal Gupta for the Appellant. Mr. Atul K. Jasani for the Respondent. .... CORAM : DR. D.Y.CHANDRACHUD & J.P. DEVADHAR, JJ. 18th February, 2010. P.C.: Admit. By consent and at the request of the learned counsel, taken up for hearing and final disposal. Notice was issued by this Court on 1st February, 2010 for hearing and final disposal. The issue which arises in the Appeals relates to whether the ITAT was right in holding that depreciation under Section 32 of the Income Tax Act, 1961 is allowable on the membership card of the Stock Exchange. The issue is no 2 longer res integra, but is covered in favour of the Revenue by the judgment of a Division Bench of this Court in case of Commissioner of Income Tax v. Techno Shares & Stocks Ltd.1. In the circumstances, the Appeals would have to be allowed and the question of law would stand answered in favour of the Revenue. There shall be no order as to costs. (Dr. D.Y.Chandrachud, J.) (J.P. Devadhar, J.) 1 (2009) 184 Taxman 103 (Bom)