Computer Software entitled to 60% depreciation

Arkema Chemicals India P. Ltd. Vs ACIT (ITAT Mumbai) The question would be as to whether the software application, which was acquired by the assessee would fall under Entry 5 of Part A of New Appendix I, which states that computers including computer software are entitled to depreciation at 60%. Note 7 of the Appendix defines the expression ‘computer software’ to mean any programs recorded on CD or disc, tape, perforated media or other information storage devices. The case of the Revenue is that software are licences and that they are intangible assets and would fall under Part B o...