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| The Tax Publishers2020 TaxPub(DT) 2855 (Mum-Trib) INCOME TAX ACT, 1961
Section 37(1)
Even if expenditure incurred towards purchase of software was treated as capital, depreciation would be allowable @ 60% as against 25% allowed by AO.
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Depreciation - Rate of depreciation - Expenditure incurred towards purchase of software -
Assessee claimed deduction of expenditure incurred towards purhase of software. AO holding the same to be of capital in nature, allowed depreciation @ 25% thereon. Assessee alternatively submitted that even if expenditure was treated as capital, since, it related to software, depreciation @ 60% was allowable.Held: Assessee was bound to succeed with regard to its alternative claim that even if expenditure incurred towards purchase of software was treated as capital, depreciation would be allowable @ 60%.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
INCOME TAX ACT, 1961
Section 35(2AB)
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