2024 (5) TMI 712 - SCH - Income Tax

Nature of expenditure - expenditure claimed by assessee as salaries and marketing expenditure for development of new software platform - revenue or capital expenditure - ITAT held such expenditure claimed as Revenue expenditure - As decided by HC 2024 (5) TMI 659 - KARNATAKA HIGH COURT Assessee has incurred expenditure in these two years to develop a software but due to change in technology, it had to abandoned the product, it had lost money spent on this product. The product having been abandoned, the Assessee shall not get any endure in benefit. The ITAT, in our considered opinion has correctly decided in favour of assessee. HELD THAT - We are not inclined to interfere with the impugned judgment and order passed by the High Court. Hence, the Special Leave Petition is dismissed.