https://www.taxtmi.com/caselaws?id=63274 The Tribunal dismissed the Revenue's appeals for multiple assessment years and upheld the CIT(A)'s decision to allow the expenditure on software development as a deduction under section 35 of the IT Act, 1961. The Tribunal considered the software development activities to involve significant research and development, qualifying for the deduction. The treatment of the expenditure as capital in nature was accepted, emphasizing the scientific research aspect. The Tribunal also clarified that entries in the books of accounts do not dictate taxable income computation, supporting the assessee's position. en-us Mon, 31 Mar 2003 00:00:00 +0530 Fri, 28 Jan 2011 18:19:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63274 The Tribunal dismissed the Revenue's appeals for multiple assessment years and upheld the CIT(A)'s decision to allow the expenditure on software development as a deduction under section 35 of the IT Act, 1961. The Tribunal considered the software development activities to involve significant research and development, qualifying for the deduction. The treatment of the expenditure as capital in nature was accepted, emphasizing the scientific research aspect. The Tribunal also clarified that entries in the books of accounts do not dictate taxable income computation, supporting the assessee's position. Case-Laws Income Tax Mon, 31 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63274