1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.2267 OF 2009 The Commissioner of Income Tax ..Appellant. V/s. Wellworth Shares & Stock Broking Ltd. ..Respondent. Ms. Anamika Malhotra for appellant. Mr.Balasaheb Yewale i/b. Rajesh Shah & Co. for respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 30TH NOVEMBER, 2009. P.C. :- 1. Heard learned counsel for the parties. Office objections are overruled. Registry is directed to register the appeal. At the instance of the parties, appeal is taken up for admission. 2. This appeal is admitted on the following substantial question of law:- “ Whether on the facts and circumstances of the case and in law, the Tribunal was justified in upholding the decision of CIT(A) to allow depreciation on the Stock Exchange Membership Card without appreciating the fact that Membership Card is not depreciable asset within the meaning of section 32(1)(ii) of the I.T. Act ? " 3. Mr. Yewale, learned counsel waives service for the respondent. By consent of the parties, appeal is taken up for final hearing. 4. Having heard both counsel for the parties, appeal is allowed for 2 the reasons recorded in the Division Bench judgment of this Court in Income Tax Appeal (L) No.971 of 2006 [CIT V/s. M/s. Techno Shares & Stocks Ltd. (with other matters) decided on 11th September, 2009 since the questions sought to be raised relate to the depreciation with regard to BSE membership card. The question is answered in favour of the revenue and against the assessee. The appeal is disposed of accordingly with no order as to costs. (J.P.DEVADHAR, J.) (V.C.DAGA, J.)