Depreciation on software allowable @60%

Peninsula Land Ltd. Vs Addl. CIT (ITAT Mumbai)

ITAT Mumbai held that with effect from 1st April 2003, Computer Software has been classified as a tangible asset under the heading ‘Plant’ entitled for depreciation @60%.

Facts-

The issue is with regard to restricting depreciation on software expenses at 25% instead of 60%. AR of the assessee reiterated the submissions made before CIT(A). Further, he submitted that the issue relating the software expenses has been considered by the special benc

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