https://www.taxtmi.com/caselaws?id=438454 The Tribunal partly allowed the assessee's appeal, restoring the issues of disallowance of investment written off and software purchase expenditure to the Assessing Officer for re-examination. The disallowance of investment written off as revenue expenditure was upheld, as the investment was considered capital in nature. However, the disallowance of software purchase as revenue expenditure was overturned, with the Tribunal directing the AO to allow the expenditure based on the nature of software expenses. Penalty proceedings under section 271(1)(c) were deemed premature and dismissed by the Tribunal. en-us Thu, 20 Apr 2023 00:00:00 +0530 Wed, 31 May 2023 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438454 The Tribunal partly allowed the assessee's appeal, restoring the issues of disallowance of investment written off and software purchase expenditure to the Assessing Officer for re-examination. The disallowance of investment written off as revenue expenditure was upheld, as the investment was considered capital in nature. However, the disallowance of software purchase as revenue expenditure was overturned, with the Tribunal directing the AO to allow the expenditure based on the nature of software expenses. Penalty proceedings under section 271(1)(c) were deemed premature and dismissed by the Tribunal. Case-Laws Income Tax Thu, 20 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438454