2019 (8) TMI 1803

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Appellant-Revenue urges the following questions of law for our consideration : "(i) Whether the Tribunal was correct in holding that acquisition of computer software by the assessee is not capital expenditure without appreciating that computer software acquired by the assesse creates enduring benefit and was a capital asset eligible for depreciation u/s 32 of the Act ? (ii) Whether on the facts and in circumstances of the case and in law the Tribunal was justified in holding that profit of Rs. 5,37,000/- on sale of Investment is exempt in view of the CBDT Circular No.528 dated 16.12.1988 even through the said circular was for General Insurance Corporation of India and its subsidiaries which are wholly owned enterprises ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....commission of Rs. 1,31,42,834/- is allowable under the provisions of sec- 40(a)(ia) and does not require to deduct TDS on such payments ?" 3. Regarding Question no. (i). (i) It is an admitted position between the parties that this issue was urged by Revenue in Income Tax Appeal No.528 of 2017 (Principal Commissioner of Income Tax-2 vs. M/s.Tata AIG General Insurance Co.Ltd.). This Court by an order dated 5 August 2019 in respect of the same Respondent-assessee, did not entertain the above identical questions. (ii) Therefore for the reasons indicated in the order dated 5 August 2019 passed in Income Tax Appeal No.528 of 2017 this question does not give rise to any substantial question of law. Thus not entertained. 4. Regarding Qu....