Mumbai ITAT Allows 60% Software Depreciation, Limits Section 14A Disallowance

PRPL Enterprises Private Limited Vs CIT (ITAT Mumbai) Mumbai ITAT Allows 60% Depreciation on Computer Software and Restricts Section 14A Disallowance to Assessee’s Suo Motu Computation The Mumbai ITAT held that computer software, including licensed application software such as SAP, AutoCAD, MS Office, Adobe Acrobat and similar software, is eligible for 60% depreciation under the entry “Computers including computer software” in Appendix I to the Income-tax Rules. The Tribunal rejected the Revenue’s view that independently purchased software constitutes an intangible asset en...