https://www.taxtmi.com/caselaws?id=219708 Software upgradation costs incurred to meet regulatory changes were treated as revenue expenditure because they did not create a new asset or ownership interest, and were therefore allowable. For share-broking and proprietary trading, the earlier allocation approach was followed and 5% of total expenditure, excluding Kakinada branch expenses, was attributed to trading in shares on own account, with the balance set off against brokerage income; the same ratio applied to depreciation. Section 68 additions for outstanding creditor balances were not sustained without verification, since carried-forward balances required proof of identity, genuineness and capacity; the matter was remitted for fresh examination. en-us Mon, 23 Jul 2012 00:00:00 +0530 Fri, 20 Nov 2015 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219708 Software upgradation costs incurred to meet regulatory changes were treated as revenue expenditure because they did not create a new asset or ownership interest, and were therefore allowable. For share-broking and proprietary trading, the earlier allocation approach was followed and 5% of total expenditure, excluding Kakinada branch expenses, was attributed to trading in shares on own account, with the balance set off against brokerage income; the same ratio applied to depreciation. Section 68 additions for outstanding creditor balances were not sustained without verification, since carried-forward balances required proof of identity, genuineness and capacity; the matter was remitted for fresh examination. Case-Laws Income Tax Mon, 23 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219708