https://www.taxtmi.com/caselaws?id=424703 The Tribunal upheld the disallowance of depreciation on intangible assets, ruling against the assessee, as the expenses were considered revenue in nature and did not result in acquiring commercial rights. However, the Tribunal remitted the issue of software expenses back to the Assessing Officer for fresh verification, considering additional evidence provided by the assessee, following the High Court's decision that software expenses, even if providing enduring benefits, may not result in acquiring a capital asset. en-us Tue, 21 Jun 2022 00:00:00 +0530 Thu, 07 Jul 2022 09:04:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424703 The Tribunal upheld the disallowance of depreciation on intangible assets, ruling against the assessee, as the expenses were considered revenue in nature and did not result in acquiring commercial rights. However, the Tribunal remitted the issue of software expenses back to the Assessing Officer for fresh verification, considering additional evidence provided by the assessee, following the High Court's decision that software expenses, even if providing enduring benefits, may not result in acquiring a capital asset. Case-Laws Income Tax Tue, 21 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424703