Thursday, September 9, 2010

s. 32(1)(ii) Techno Shares Reversed By Supreme Court

In CIT vs. Techno Shares & Stocks 323 ITR 69 the Bombay High Court considered the definition of an "intangible asset" in s. 32(1)(ii) and held that a stock exchange card was not an intangible asset eligible for depreciation.
 
This judgement has been reversed by the Supreme Court today (9.9.2010). It has been held that a stock exchange card is a "license" and eligible for depreciation u/s 32(1)(ii).

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