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TMI Blog2024 (5) TMI 659X X X X Extracts X X X X X X X X Extracts X X X X ..... P. S. DINESH KUMAR And THE HON'BLE MR JUSTICE C. M. POONACHA FOR THE APPELLANTS : BY SRI. DILIP M, STANDING COUNSEL FOR SRI ARAVIND K V., SENIOR STANDING COUNSEL FOR THE RESPONDENT : BY SRI. ARAVIND KAMATH, SENIOR ADVOCATE FOR SRI. NIKIT BALA, ADVOCATE JUDGMENT These appeals are by the Revenue challenging the order dated 21.08.2020 in ITA Nos.994 & 995/Bang/2019 for the Assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or development of new software platform is Revenue expenditure without observing that nature of expenditure is capital in nature and as payment made was towards creating capital asset which is a new product of assessee- company? 2. Heard Shri M.Dilip, learned Standing Counsel for the appellants-Revenue and Shri. Aravind Kamath, learned Senior Advocate for the respondent-Assessee. 3. The questio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s confirmed the order of the AO Assessing Officer. The ITAT has reversed the finding recorded by Assessing Officer and allowed the Appeals. 6. Shri. M. Dilip for the Revenue submitted that the CEO and the H.R. Manager had confirmed the fact that the Assessee was developing a new software. The said software would have given enduring benefit to the Assessee. Therefore, the Assessing Officer was rig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t behalf must be treated as revenue in nature. 8. We have carefully considered the submissions of learned counsels on both sides. 9. It is not disputed that the Assessee had invested money to develop a software platform for the Desktops. It is also not disputed that due to rapid change in the technology, the application sought to be developed by Assessee had become obsolete and the Assessee aban ..... X X X X Extracts X X X X X X X X Extracts X X X X
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