https://www.taxtmi.com/caselaws?id=755666 The ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal upheld depreciation at 60% on computer software, ruling it integral to hardware based on coordinate bench precedent. Sales promotion expenses disallowance was deleted, finding AS-7 inapplicable to civil construction developers versus contractors, following Layer Exports precedent. Addition under section 56(2)(viib) for share premium was deleted, accepting the registered valuer's Rs. 69.41 per share valuation over AO's Rs. 4.38 calculation, noting the valuation report was properly submitted and AO cannot change valuation methods without rejecting the report. The AO was directed to recompute tax considering PGBP losses. en-us Fri, 05 Jul 2024 00:00:00 +0530 Tue, 16 Jul 2024 13:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755666 The ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal upheld depreciation at 60% on computer software, ruling it integral to hardware based on coordinate bench precedent. Sales promotion expenses disallowance was deleted, finding AS-7 inapplicable to civil construction developers versus contractors, following Layer Exports precedent. Addition under section 56(2)(viib) for share premium was deleted, accepting the registered valuer's Rs. 69.41 per share valuation over AO's Rs. 4.38 calculation, noting the valuation report was properly submitted and AO cannot change valuation methods without rejecting the report. The AO was directed to recompute tax considering PGBP losses. Case-Laws Income Tax Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755666