Expense on Software cannot be capitalised mere because depreciation rate is spelt out in Schedule to Income-tax Act

Oriental Bank of Commerce Vs Additional CIT (Delhi High Court) The assessee/bank incurred expenditure as amounts spent towards acquiring various categories of software; the Assessing Officer (A.O) after ascertaining the assessee’s view, concluded that the  software expenses charged to the Revenue could not be allowed since they fell in the capital stream. The CIT(A) after examining and re- examining the material and considering the Income Tax Rules including Part B of the relevant section, was of the opinion that the expenses incurred on the software (except AMC) had to be treated as capita...