Expenditure on development of software is a revenue expenditure & not a capital expenditure

HIGH COURT OF MADRAS Commissioner of Income-tax, Chennai versus Sri Renuga Textiles Mills Ltd. TC (A) NO. 1282 OF 2005 JUNE 18, 2012 JUDGMENT Chitra Venkataraman, J. The Revenue is on appeal as against the order passed by Income Tax Appellate Tribunal relating to the assessment year 1994-95. Following are the questions of law raised for consideration:- (i)  Whether in the facts and circumstances of the case, the Appellate Tribunal was right in holding that the amalgamated company is eligible for the benefit of exemption under Section 10B which was granted to the amalgamating ...