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TMI Blog2020 (12) TMI 738X X X X Extracts X X X X X X X X Extracts X X X X ..... . NARENDRA PRASAD APPELLANTS (BY SRI. K.V. ARAVIND, ADV.,) RESPONDENT (BY SRI. T. SURYANARAYANA, ADV.) JUDGMENT ALOK ARADHE J. This appeal under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act for short) has been preferred by the revenue. The subject matter of the appeal pertains to the Assessment year 2009-10. The appeal was admitted by a bench of this Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oftware and paid Rs. 4.05 Crores without deducting tax at source under Section 195 of the Act. It is further submitted that assessee has capitalized the imported software and claimed depreciation. The Assessing Officer disallowed the depreciation invoking Section 40(a)(i) of the Act. However, the Commissioner of Income Tax (Appeals) and the tribunal have deleted the disallowance. It is submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act. In support of aforesaid submissions, reliance has been placed on decisions in MYSORE MINERALS LTD. VS. COMMISSIONER OF INCOME TAX, (1999) 106 TAXMAN 166 (SC) and 'SHRI. CHAUDHARY TRANSPORT COMPANY VS ITO', (2020) 81 TAXMANN.COM 47 (SC). 3. Learned counsel for the assessee submitted that depreciation is not an outgoing expenditure and therefore, provisions of Section 40(a)(ia) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resaid submission reliance has been placed on decisions in 'COMMISSION OF INCOME-TAX VS. MARK AUTO INDUSTRIES LTD.', (2013) 40 TAXMANN.COM 482 and 'NECTAR BEVERAGES (P.) LTD. VS. DEPUTY COMMISSIONER OF INCOME TAX', (2009) 182 TAXMAN 319. 4. We have considered the rival submissions made on both the sides and have perused the record. The tribunal has not taken into account the deci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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