Calcutta High Court
Commissioner Of Income Tax vs M/S. Smifs Securities Ltd. (Presently ... on 9 June, 2010
Author: Mohit S. Shah
Bench: Mohit S. Shah
ITAT No. 102 of 2010
GA No. 1466 of 2010
IN THE HIGH COURT AT CALCUTTA
Special Jurisdiction (Income Tax)
ORIGINAL SIDE
Commissioner of Income Tax, Kokata-IV. Appellant
Versus
M/s. Smifs Securities Ltd. (presently M/s.
Stewart & Mackertich Wealth Management Ltd.) Respondent
For Appellant : Mr. P.K. Bhowmick, Mr. S. Mukherjee, Advocates For Respondent :
BEFORE:
The Hon'ble Chief Justice Mohit S. Shah The Hon'ble Justice Sengupta Date : 9th June, 2010.
The Court : The appeal is admitted in terms of the following substantial question of law :
"i) Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribunal was correct in law in allowing depreciation on goodwill created at the time of amalgamation of the assessee with M/s. YSN Shares & 2 ITAT No. 102 of 2010 GA No. 1466 of 2010 Securities (P) Ltd. by ignoring the first proviso of Section 32 of the Income Tax Act, 1961 ?
ii) Whether on the facts and in the circumstances of the case the learned Tribunal was justified in law in holding that membership of stock exchange was an asset eligible for depreciation under Section 32 of the Income Tax Act, 1961 ?"
The stay application is disposed of. The appellant is directed to file requisite number of paper book within three months from date.
Let notice of this appeal be issued to the respondent. Urgent photostat certified copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.
(Mohit S. Shah, CJ.) (Sengupta, J.) SN Asst.Registrar(CR) 3