Assessment time-barred u/s 153 due to missing competent-authority reference for Singapore exchange of information; assessment disallowed as barred by ...
Imported menthol-scented sweet supari classification dispute: seizure quashed, release for home consumption subject to duty bond; bank guarantee refus...
Whether software acquired/held by the taxpayer qualifies for depreciation at 60% as an intangible asset: Tribunal applied precedent holding that software-even if developed in-house to meet proprietary requirements-falls within the statutory definition of intangible asset attractant of higher block rate, relying on prior authority establishing 60% allowance; accordingly the lower authorities' restriction to 25% was reversed and depreciation at 60% was allowed, resulting in allowance of the appeal. - ITAT
Whether software acquired/held by the taxpayer qualifies for depreciation at 60% as an intangible asset: Tribunal applied precedent holding that software-even if developed in-house to meet proprietary requirements-falls within the statutory definition of intangible asset attractant of higher block rate, relying on prior authority establishing 60% allowance; accordingly the lower authorities' restriction to 25% was reversed and depreciation at 60% was allowed, resulting in allowance of the appeal. - ITAT
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