2013 (8) TMI 185

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.... Per Shri Anil Chaturvedi,A. M. 1. This appeal is filed by the Assessee against the order of Ld. CIT(A)-1, Surat dated 10.3.2010 for assessment year 2007-08. 2. The facts as culled out from the lower authorities are as under. 3. Assessee is a company carrying on the business of brokers. Sub brokers consultants of financial products. The assessee electronically filed its return of income o....

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....essing Officer without issuing show cause notice for the same. It is therefore prayed that the impugned assessment order be quashed as void-ab-initio since passed in defiance of principles of natural justice and fairness. [2] The learned Commissioner of Income Tax (Appeals) has erred in law and on facts in confirming the disallowance to the tune of Rs. 55,18,150/- being the software developm....

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....n made by the appellant and the observation of the Assessing Officer. Since there is a specific provisions for allowing depreciation on software expenses, the claim of the assessee as revenue expenditure cannot be allowed. The new depreciation rule has come with effect from assessment year 2003-04 onwards as amended in assessment year 2006-07 and hence the decision cited above by the appellant are....

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....he other hand relied on the order of Assessing Officer. 8. We have heard the rival submissions and perused the material on record. We find that the Revenue for A.Y. 2008-09 had carried before tribunal the matter with respect to disallowance of software development charges. The Co-ordinate Bench of Tribunal decided the issue in Assessee's favour by holding as under:- "Moreover, the Assessing ....