SC reverses HC ruling on stock exchange card

The Supreme Court today reversed a ruling of the Bombay High Court, which had held that a 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 judgement, the Supreme Court bench, headed by 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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