(Judgment of the Court was delivered by Dr.Anita Sumanth, J.,) The above Tax Case Appeal is preferred by the Revenue under Section 260A of the Income Tax Act, 1961, calling in question the correctness of order dated 26.5.2008, passed by the Income Tax Appellate Tribunal, Chennai, in I.T.A.No.2444/Mds/2007.
2. The following question of law, has been raised for consideration:-
“Whether on the facts and circumstances of the case, the Appellate Tribunal is right in holding that the stock exchange membership card is entitled to depreciation?"
3. The issue stands covered in favour of the assessee by the judgments of the Supreme Court in Techno Shares & Stocks Ltd. & others V. Commissioner of Income Tax ((2010) 327 ITR 323) and Commissioner of Income Tax V. SMIFS Securities Ltd. ((2012) 348 ITR 302).
4. Accordingly, this Tax Case (Appeal) is dismissed and the substantial question of law is answered against the Revenue and in favour of the assessee. No costs.
Index: Yes / no Internet: Yes/no ssk.
(H.G.R.,J) (A.S.M.,J) 25th January 2017 HULUVADI G. RAMESH, J., AND DR.ANITA SUMANTH, J., ssk.
T.C.A.No.1979 of 2008 25.1.2017 http://www.judis.nic.in