2012 (1) TMI 419

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....011 of Commissioner of Income Tax (Appeals)-III, Chennai, it has raised four grounds in total. Grounds No.1 and No.4 are general in nature, needing no adjudication. 2. Vide its ground No.2, grievance raised by the Revenue is that ld. CIT(Appeals) directed allowance of depreciation on software at the rate of 60%. As per the Revenue, for preceding assessment year 2003-04, the CIT(Appeals) had, on t....

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.... 1962, the rate of depreciation mentioned at III(5) is 60% for computers including computer software. Notes to the said Appendix at Sl.No.7 states that the Computer software means any computer program recorded on any disc, tape, perforated media or other information storage device. There is no case for the Revenue that the software in question did not fall under the said Appendix. This being so, t....

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....eserve and could not be added back to profits of company under Section 115JA of the Act. 9. Learned D.R. fairly admitted that the issue stood covered in favour of assessee by the above decision of Honble jurisdictional High Court. 10. We do not find any decision of Honble Apex Court which goes against the decision of Honble jurisdictional High Court in the assessees case mentioned supra, where i....