https://www.taxtmi.com/caselaws?id=416817 The Tribunal held that the expenditure incurred on the Vysyamulya Project, involving application software for banking operations, was revenue in nature. The Tribunal emphasized the software's functional utility in facilitating business operations without altering the bank's capital structure. The decision aligned with legal precedents and principles that expenditure on application software is typically considered revenue. The appeal of the revenue was dismissed, and the grounds of appeal of the assessee were allowed, with the expenditure classified as revenue. en-us Mon, 03 Jan 2022 00:00:00 +0530 Sat, 08 Jan 2022 09:49:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416817 The Tribunal held that the expenditure incurred on the Vysyamulya Project, involving application software for banking operations, was revenue in nature. The Tribunal emphasized the software's functional utility in facilitating business operations without altering the bank's capital structure. The decision aligned with legal precedents and principles that expenditure on application software is typically considered revenue. The appeal of the revenue was dismissed, and the grounds of appeal of the assessee were allowed, with the expenditure classified as revenue. Case-Laws Income Tax Mon, 03 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416817