https://www.taxtmi.com/caselaws?id=325636 The Tribunal ruled that the Film Software Library should be treated as an intangible asset eligible for 25% depreciation, not as Plant & Machinery for 15% depreciation. Regarding the invocation of Explanation 3 to Section 43(1) of the Income Tax Act, the Tribunal remanded the issue to the Assessing Officer for further verification and revaluation, emphasizing the need to consider the circumstances leading to the transfer of the asset. The appeal was partly allowed for statistical purposes, directing the Assessing Officer to make necessary adjustments based on the Tribunal's findings. en-us Tue, 16 Feb 2016 00:00:00 +0530 Fri, 25 Mar 2016 09:35:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325636 The Tribunal ruled that the Film Software Library should be treated as an intangible asset eligible for 25% depreciation, not as Plant & Machinery for 15% depreciation. Regarding the invocation of Explanation 3 to Section 43(1) of the Income Tax Act, the Tribunal remanded the issue to the Assessing Officer for further verification and revaluation, emphasizing the need to consider the circumstances leading to the transfer of the asset. The appeal was partly allowed for statistical purposes, directing the Assessing Officer to make necessary adjustments based on the Tribunal's findings. Case-Laws Income Tax Tue, 16 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325636