Depreciation on computer software allowed at 60% as software ...

Software depreciation 60%, sales promotion expense revenue, share premium valuation upheld. Genuine transaction. Recompute tax after PGBP loss.

Case Laws Income Tax

July 17, 2024

Depreciation on computer software allowed at 60% as software guides hardware and is integral part of hardware, following coordinate bench ruling. Sales promotion expenses not capitalized as AS-7 not applicable to developers, following precedent. Share premium addition u/s 56(2)(viib) deleted as assessee followed Rule 11UA valuation at Rs. 69.41 per share, furnished valuation report to AO, and transaction genuine without unaccounted money, relying on rulings. AO directed to recompute tax payable after giving effect to PGBP loss. Relevant legal terminology used, including sections, rules, accounting standards, and judicial precedents.

View Source

← Previous Next →

Depreciation on computer software allowed at 60% as software ...

Software depreciation 60%, sales promotion expense revenue, share premium valuation upheld. Genuine transaction. Recompute tax after PGBP loss.

Case Laws Income Tax

July 17, 2024

You may also like:

Disallowance of excess depreciation on computer software - assessee had purchased software being operating system for Windows and claimed depreciation as per Rule 5 of...

Rate of depreciation on software - @25% or @60% - computer included computer software. Note 7 of the Appendix, defines computer software as any computer programme...

Depreciation on software license - intangible and depreciation allowable @25% or software application depreciation allowable @60% - if a particular article would fall...

Depreciation on computer software purchased separately (SAP Software) - @ 60% OR 25% - higher depreciation in initial years would ultimately lead to lower depreciation...

Sales promotion expenses - expenditure with respect to the gold chains being distributed - expenditure allowed - AT

Software expenses - revenue v/s capital expenditure - software may be needed like raw material - computer software expenses were revenue in nature - HC

Depreciation on computer software - Because software contained in a disk is tangible property by itself. Since the taxpayer’s ownership of limited right over the...

Depreciation on software - 25% or 60% - assessee has purchased specific software which was not supplied along with the computer - AO is correct in treating the computer...

Depreciation claimed on UPS - @ 60% OR 15% - UPS and printer are integral part of computer and computer software and are eligible for higher depreciation of 60%, but not...

Depreciation on application of software at lower rate - The actual cost of assets acquired from TGSL to be considered in terms of Explanation 3 to section 43(1) of the...

Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

Service tax liability on sale of imported tally software was disputed. Appellant was a distributor marketing and installing the software on behalf of the seller holding...

Nature of software expenses - these are towards payment for renewal of software which the assessee was using for client deliverables - software expenses are revenue in...

Claim of higher depreciation of ‘Bizerba weighing scales’ - A photocopy (xerox) machine can also be attached to a computer, however, that does not entitle it for...

Correct head of income - sale consideration received by the assessee from redemption of preference shares including the premium- capital income or income from other...

Quick Updates: