1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.291 OF 2008 The Commissioner of Income Tax ..Appellant. V/s. M/s. Jagdish Dalal Shares Securities Pvt. Ltd. ..Respondent. Mr. Vimal Gupta for appellant. Mr. Balasaheb Yewale i/b. Rajesh Shah & Co. for respondent. CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. DATED : 23RD SEPTEMBER, 2009. P.C. :- 1. Heard learned counsel for the parties. This appeal was admitted on 8/8/08 on the following substantial questions of law:- (a) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal erred in directing that depreciation of BSE card be allowed to the assessee ? (b) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal erred in holding that the BSE card is an intangible asset within the definition of section 32(1)(ii) of the I.T. Act as the personal permission granted by the BSE is not a descendant of common ancestry or akin to know-how, copyrights, patents, trademarks, franchise in origin, nature and quality but far away from intangible assets mentioned in section 32(1) (ii) of the I.T. Act ? (c) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal erred in not considering the fact that the basic ingredients of ownership are not present in the membership card, the assessee cannot claim the ownership on the car and cannot claim depreciation on it ? 2. 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.)