https://www.taxtmi.com/caselaws?id=394905 The Tribunal directed the AO to allow software expenses as revenue expenditure, disallowing the addition of unutilized MODVAT credit to closing stock value. Interest and prepayment charges were treated as revenue expenditure. Integration services expenditure was allowed in full under Section 37(1). Write-offs for stocks and receivables were permitted as genuine business losses. Sale of scrap, cash discount, and insurance claim were included in business profits. Capital gains were computed based on actual consideration received, allowing indexation on fair market value. Depreciation was permitted on assets acquired from other entities. TDS disallowance for foreign payments was deleted. Payments to consultants were treated as revenue expenditure. Processing charges were not reduced from business profits. en-us Thu, 20 Feb 2020 00:00:00 +0530 Tue, 28 Apr 2020 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394905 The Tribunal directed the AO to allow software expenses as revenue expenditure, disallowing the addition of unutilized MODVAT credit to closing stock value. Interest and prepayment charges were treated as revenue expenditure. Integration services expenditure was allowed in full under Section 37(1). Write-offs for stocks and receivables were permitted as genuine business losses. Sale of scrap, cash discount, and insurance claim were included in business profits. Capital gains were computed based on actual consideration received, allowing indexation on fair market value. Depreciation was permitted on assets acquired from other entities. TDS disallowance for foreign payments was deleted. Payments to consultants were treated as revenue expenditure. Processing charges were not reduced from business profits. Case-Laws Income Tax Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394905