ACIT Vs. Ashima Syntex Ltd. (ITAT Ahemdabad)

Though the taxpayer may have written off the expenditure in its books of account over a period say of five years, it must be allowed in its entirety in the year in which it was incurred, if it is revenue expenditure, and if it is wholly and exclusively incurred for the purposes of business(Para 15) (i) When the assessee acquires a computer software or for that matter the license to use such software, he acquires a tangible asset and becomes owner thereof as held above relying on the decision of Hon’ble Supreme Court in the case of TCS. (ii) Having regard to the fact that software becomes...