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The Tax Publishers2019 TaxPub(DT) 7913 (Bom-HC) INCOME TAX ACT, 1961
Section 37(1)
Expenditure on acquisition of computer software by assessee was not capital expenditure
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Business expenditure - Computer software acquired by assessee - Revenue or capital expenditure -
Issue arose under consideration as to whether Tribunal was correct in holding that acquisition of computer software by assessee was not capital expenditure without appreciating that computer software acquired by assessee creates enduring benefit and was a capital asset eligible for depreciation under section 32. Held: Tribunal after considering all the material on record gave a finding rightly held that expenditure on acquisition of computer software by assessee was not capital expenditure and allowed as deduction under section 37.
Followed :Pr. CIT v. Tata AIG General Insurance Co. Ltd. [Income Tax Appeal No. 528 of 2017, dated 29-7-2019].
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
INCOME TAX ACT, 1961
Section 40(a)(ia)
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