Expenditure on abandoned software project allowable as revenue in nature: ITAT Ahmedabad

Global Tech India Private Limited Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that expenditure incurred on software project, which was sought to be developed however never came into existence and no new asset came into existence which would be of an enduring benefit to the assessee, are allowable as revenue in nature. Facts- The assessee is a Company engaged in the business of Software Development and Maintenance. The assessee filed its Return of Income for the Asst. Year 2013-14 on 30.09.2012 declaring total income of Rs.38,825/-. The return was taken up for scrutiny assessment. The Assessing...