Supreme Court of India
M/s. Techno Shares & Stocks Ltd. v. The Commissioner of Income Tax Iv
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What the Court ordered
We hold that the said right of membership is a "business or commercial right" which G gives a non-defaulting continuing member a right to access the Exchange and to participate therein and in that sense it is a licence or akin to licence in terms of Section 32(1)(ii) of the 1961 Act.
Judgment, page 21
From the headnote
Income Tax Act, 1961 - 32(1)(ii) - Depreciation under - Whether permissible on the cost of a Stock Exchange Membership Card - Held: As per Bombay Stock Exchange Rules, membership right is a 'Business or Commerciar Right' - Therefore, depreciation is allowable on the cost of a Stock Exchange Membership Card - Bombay Stock Exchange Rules - Rules 5 to 10 and 16 - Bombay stock exchange Bye- Laws-Bye-law 400. The question which arose for consideration in the instant appeals was whether depreciation u/s. 32(1)(ii) of Income Tax Act, 1961 is allowable on the cost of a Stock Exchange Membership Card.
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