13 July 2010
In view of the decision of the Bombay high Court in case of Techno shares depreciation is not allowable on BSE card.
However the same is being contested and i think an SLP has been filed before the supreme court on the same by the brokers.
However in my view it is a correct decision.
Now on Commodity Exchange Membership Card it is not a membership card. Only fees is paid for entrance into the exchange and hence the same is not considered to be a card and hence no depreciation admissible.