https://www.taxtmi.com/caselaws?id=240090 Product development cost incurred to create software that generated future revenue was treated as capital expenditure because it brought into existence an asset with enduring advantage in the capital field. The fact that the outlay consisted of salaries, travel, rentals, consumables and electricity did not alter its character, and book treatment was not conclusive. Once capitalised, the resulting computer software qualified as an asset, and depreciation was allowable at 60% under the applicable software depreciation rate rather than 25%. en-us Thu, 31 Jan 2013 00:00:00 +0530 Mon, 25 Nov 2013 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240090 Product development cost incurred to create software that generated future revenue was treated as capital expenditure because it brought into existence an asset with enduring advantage in the capital field. The fact that the outlay consisted of salaries, travel, rentals, consumables and electricity did not alter its character, and book treatment was not conclusive. Once capitalised, the resulting computer software qualified as an asset, and depreciation was allowable at 60% under the applicable software depreciation rate rather than 25%. Case-Laws Income Tax Thu, 31 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240090