IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO. 1683 OF 2009 The Commissioner of Income Tax ... Appellant. V/s. Anand Rathi Securities Pvt.Ltd. ... Respondent. P.S.Sahadevan i/b. Vimal Gupta for appellant. A.K.Jasani for the respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 1st October 2009. P.C. :- Heard. Objections are overruled. Office to register the appeal. Appeal is taken up for hearing by consent of parties. 2. Appeal is 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? 3. Having heard both counsel for the parties, the appeal is allowed for the reasons recorded in our judgment in the case of CIT V/s. M/s. Techno Shares & Stocks Ltd. in Income Tax Appeal (L) No.971 of 2006 decided by this Court on 11th September, 2009. Accordingly, the question is answered in favour of the revenue and against the assessee. No order as to costs. (J.P.DEVADHAR, J.) (V.C.DAGA, J.)