2014 (1) TMI 1888

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....supply of electricity therefore is in nature of plant and machinery and therefore depreciation should be provided @ 15%? 2. Whether on the facts and circumstances of the case, Ld. CIT(A) was right in holding that depreciation on ATM is allowable @ 60% ignoring the fact that ATM is a cash dispensing machine with a projector and therefore is in nature of plant and machinery and therefore depreciation should be provided @ 15%. 3. Whether on the facts and circumstances of the case, Ld. CIT(A) was right in holding that depreciation on purchase of software is to be allowed ignoring the fact that assessee has failed to prove that the ATM s was put to use in the current year". 2. At the time of hearing AR submitted that the three grounds impug....

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....nces of the case the ITAT was right in holding that depreciation on purchase of software is to be allowed ignoring the fact that assessee has failed to prove that assessee has physically received the licence by 31/3/2008? 2) The respondent assessee is a subsidiary of Saraswat Co. op. Bank Limited and provides software development, information technology and enable services to its holding company i.e. Saraswat Bank. During the course of the year, the respondent assessee had purchased certain capital assets such as UPS, ATM Machines and Licence to inter alia provide technology services to its holding' company. The respondent assessee claimed depreciation on UPS and ATM machines under the block of computers @ 60% while depreciation was claim....