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 bench of the Tribunal in the case of Amway India Enterprises v. DCIT and restricted the depreciation on s...