https://www.taxtmi.com/caselaws?id=310586 ITAT Delhi ruled in favor of the assessee company on multiple issues. For disallowance u/s 14A r.w.r. 8D, only investments yielding exempt income should be considered for disallowance. The tribunal allowed depreciation on software at 60% rate, treating software embedded with hardware as integral part of computer equipment. Interest on late deposit of FBT, penalty on service tax, and interest on late deposit of service tax were held allowable as compensatory rather than penal, following SC precedent in Lachmandas Mathura case. en-us Wed, 18 May 2022 00:00:00 +0530 Wed, 01 Nov 2023 21:07:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310586 ITAT Delhi ruled in favor of the assessee company on multiple issues. For disallowance u/s 14A r.w.r. 8D, only investments yielding exempt income should be considered for disallowance. The tribunal allowed depreciation on software at 60% rate, treating software embedded with hardware as integral part of computer equipment. Interest on late deposit of FBT, penalty on service tax, and interest on late deposit of service tax were held allowable as compensatory rather than penal, following SC precedent in Lachmandas Mathura case. Case-Laws Income Tax Wed, 18 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310586