1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL (L) NO.60 OF 2009 The Commissioner of Income Tax – 4, Mumbai ...Appellant V/s. M/s.Pruthvi Brokers & Share Holding Private Limited ...Respondent. Mr.Srresh Kumar for the appellant. None for the respondent. CORAM : V.C. DAGA & J.P. DEVADHAR, JJ. DATE : 18TH SEPTEMBER 2009 P.C. : 1. In spite of service, none appeared on behalf of the respondent. Office objections, if any are over-ruled. Registry is directed to register both the appeals. 2. The appeal was admitted on 9-7-2009 on the following substantial question of law. a) Whether in the facts and circumstances of the case and in law, the Tribunal was justified in allowing respondent assessee’s appeal without appreciating the fact that Membership card is not a depreciable asset within the meaning of section 32(1)(ii) of the I.T. Act and, therefore, no depreciation is allowable on such Stock Exchange Membership ? b) Whether in the facts and circumstances of the case and in law, the Tribunal failed to consider that the basic ingredients of ownership are not present in the BSE Membership Card and therefore the assessee cannot claim to be its owner for the purpose of claiming depreciation on the same ? 2 3. The above questions of law are squarely covered by the Division Bench Judgment of this Court in group of mattes, lead appeal being Income Tax Appeal (L) No.971 of 2006 (Commissioner of Income Tax – 4 V/s. M/s.Techno Shares & Stocks Limited) decided on 11 th September 2009 . For the reasons recorded therein, both the questions are answered in favour of the revenue and against the assessee. 4. The appeal is accordingly allowed with no order as to costs. (J.P. Devadhar, J.) (V.C. Daga, J.)