ATM Machines Eligible for Depreciation rate of Computer Software

Financial Software and Systems Private Limited Vs DCIT (ITAT Chennai) ITAT held that the ATM machines are eligible for depreciation at 60% as applicable to computer software. The submission of the ld. CIT-Departmental Representative that higher rate of depreciation cannot be allowed on ATM machines as applicable to the computers cannot be accepted in view of the fact the Hon’ble Karnataka High Court in the case of Diebold Systems (P.) Ltd. (supra) wherein while interpreting an entry in the schedule in Karnataka Sales Tax Act, 1957 on the basis of commercial parlance meaning, over technical m...