ITAT allowed depreciation on stock exchange card of BSE
ITAT allowed depreciation on stock exchange card of BSE
Edelwiess Financial Advisors claimed depreciation on stock exchange card. AO disallowed claim holding that Bombay Stock Exchange had adopted Corporatization and Demutualization Scheme, 2005, and allotted shares to assessee which were not akin to membership card. AO imposed penalty. CIT(A) deleted penalty. ITAT allowed claim following ITAT, Ahemadabad’s decision , and held that present claim could not be held as false.-501659
1. Assessee declared a total income at Rs.44,66,340.
2. The assessee claimed depreciation on stock exchange card amounting to Rs.31,02,147.
3. AO disallowed the claim on the ground that Bombay Stock Exchange Ltd. had adopted corporatization and demutualization scheme, 2005. It had allotted shares to the assessee which were not akin to erstwhile membership card.
4. AO imposed penalty with regard to the addition.
5. CIT(A) deleted the penalty.
6. On appeal, the ITAT upheld the CIT(A)’s order which had noted that a similar claim made by Appellant was accepted by Hon'ble Ahmedabad I.T.A.T., and hence such claim in the present year could not be held as false or non-genuine claim.
7. The ITAT held that since the depreciation had been allowed by the Tribunal in the quantum appeal, the question no longer survived.
8. It dismissed the Revenue’s appeal.
Case Reference - DCIT vs Edelweiss Financial Advisors Ltd.
IN THE INCOME TAX APPELLATE TRIBUNAL "SMC" BENCH, AHMEDABAD
BEFORE SHRI RAJPAL YADAV, JUDICIAL MEMBER
ITA.No.2676/Ahd/2015
(Asstt. Year: 2009-2010)
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