Friday, October 15, 2010

SC REVERSES HC RULING ON STOCK EXCHANGE CARD

The Supreme Court reversed a ruling of the Bombay High Court, which had held that the stock
exchange card is not an 'intangible asset' eligible for depreciation under Section 32 of the Income-Tax Act. In the appeal against the High Court judgment, the Supreme Court bench, headed by the Chief Justice S H Kapadia, ruled that a stock exchange card is a "licence" and eligible for depreciation under Section 32(1)(ii).

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