2014 (1) TMI 23

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....account of Employee Stock Option Plan expenses. 3. We have heard both the sides and perused the material placed before us. We find that this issue is now covered by the decision of Special Bench of ITAT in the case of Biocon Limited Vs. DCIT(LTU), Bangalore - [2013] 35 taxmann.com 335 (Bangalore-Trib.)(SB). After considering the arguments of both the sides, we are of the opinion that it would meet the ends of justice if this issue is set aside and restored to the file of the Assessing Officer for readjudication in the light of the above decision of Special Bench of ITAT. We order accordingly and direct the Assessing Officer to allow adequate opportunity of being heard to the assessee while giving effect to this order. ITA No.942/Del/2....

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....is in appeal before us. 6. At the time of hearing before us, learned CIT-DR relied upon the order of the Assessing Officer as well as the decision of Hon'ble Apex Court in the case of Tata Consultancy Services Vs. State of Andhra Pradesh - [2004] 271 ITR 401. 7. The learned counsel for the assessee, on the other hand, relied upon the following decisions of Hon'ble Jurisdictional High Court :- (i) CIT Vs. K & Co. - [2003] 181 CTR (Del) 378. (ii) CIT Vs. G.E. Capital Services Ltd. - ITA No.560/2007 order dated 10th July, 2007. (iii) CIT Vs. Asahi India Safety Glass Ltd. - [2011] 245 CTR 529 (Delhi). (iv) CIT Vs. Amway India Enterprises - [2012] 346 ITR 341 (Delhi). 8. We have heard the arguments of both the sides and peru....

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....ware and language software. The network software enables groups of computers to communicate with each other, while language software provides with tools required to write programmes. [Para 11] The aforesaid would show that what the assessee acquired through A was an application software which enabled it to execute tasks in the field of accounting, purchases and inventory maintenance. The fact that the application software would have to be updated from time to time based on the requirements of the assessee in the context of the advancement of its business and/or its diversification, if any; the changes brought about due to statutory amendments by law or by professional bodies like the Institute of Chartered Accountants of India, which are....