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The case deals with various issues related to income tax assessment. The Tribunal directed the CIT(A) to verify the details and reconcile the tax deducted at source, allowing the assessee an opportunity to furnish documentary evidence. Regarding software license fees, following its previous order, the Tribunal treated it as revenue expenditure and not capital expenditure. Interest received on bank fixed deposits was held as business income and not income from other sources, relying on a High Court decision. The Tribunal upheld the CIT(A)'s order restricting the disallowance u/s 14A to 0.5% of the average investment and directed the AO to compute it after considering the suo moto disallowance made by the assessee.
The case deals with various issues related to income tax assessment. The Tribunal directed the CIT(A) to verify the details and reconcile the tax deducted at source, allowing the assessee an opportunity to furnish documentary evidence. Regarding software license fees, following its previous order, the Tribunal treated it as revenue expenditure and not capital expenditure. Interest received on bank fixed deposits was held as business income and not income from other sources, relying on a High Court decision. The Tribunal upheld the CIT(A)'s order restricting the disallowance u/s 14A to 0.5% of the average investment and directed the AO to compute it after considering the suo moto disallowance made by the assessee.
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