https://www.taxtmi.com/caselaws?id=307338 The ITAT dismissed both grounds of appeal raised by the revenue, upholding the decisions of the CIT(A) in favor of the assessee. The disallowance under section 14A of the Income Tax Act was rejected as the assessee used its own funds for investments. Regarding depreciation, the ITAT upheld depreciation at 60% for system software, following precedent that the Income Tax Act does not distinguish between system and application software for depreciation purposes. The judgments were based on statutory interpretation and previous decisions, ensuring consistency in tax law application. en-us Fri, 31 Aug 2018 00:00:00 +0530 Fri, 07 Apr 2023 08:40:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=307338 The ITAT dismissed both grounds of appeal raised by the revenue, upholding the decisions of the CIT(A) in favor of the assessee. The disallowance under section 14A of the Income Tax Act was rejected as the assessee used its own funds for investments. Regarding depreciation, the ITAT upheld depreciation at 60% for system software, following precedent that the Income Tax Act does not distinguish between system and application software for depreciation purposes. The judgments were based on statutory interpretation and previous decisions, ensuring consistency in tax law application. Case-Laws Income Tax Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=307338