60% depreciation was allowable on ATM machines

Financial Software and Systems Pvt. Ltd. Vs DCIT (ITAT Chennai)

Conclusion: Higher rate of depreciation was allowable on ATM machines as these machines was to be treated as “Computers” for the purpose of Section 32 of the Income Tax Act, 1961.

Held: AO allowed depreciation on ATM machines @15% as against the claim of the assessee at 60%, rejecting the contention of the assessee that ATM machine falling within the meaning of “computer” qualifying for depreciation @60% b

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