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Income Tax - Highlights / Catch Notes

Home Highlights January 2014 Year 2014 This

Capital or Revenue expenses – The number of entries for ...

Income Tax

January 19, 2014

Capital or Revenue expenses – The number of entries for purchase of software tools is running into 170 - thus, the expenditure incurred by the assessee was revenue in nature - AT

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  1. Software expenses - revenue v/s capital expenditure - software may be needed like raw material - computer software expenses were revenue in nature - HC

  2. Media cost for import of software - Capital expenditure or revenue - Software used for duplication and licensing - expenses allowed as revenue expenditure - HC

  3. Software expenses - revenue or capital expenditure - real intent and purpose - expenditure incurred by the assessee on software is allowable as revenue expenditure. - AT

  4. Nature of purchase of software - software purchased by assessee for ultimate export either as embedded software or as part of project undertaken by it cannot be...

  5. Nature of software expenses - these are towards payment for renewal of software which the assessee was using for client deliverables - software expenses are revenue in...

  6. Software consumable expenses – The expenditure was incurred for application software and not for system software – The software was not of enduring nature and would...

  7. Nature of expenses - Expenses incurred on Enterprise Resource Planning (“ERP”) and software expenses - revenue or capital expenditure - in today’s fast changing...

  8. Addition of sales tools expenses u/s 37 - the logic given by the coordinate bench equally applies to the sales tool expenses also. The above decision was also followed...

  9. Revenue expenditure versus capital expenditure - expenditure incurred on ERP Software – allowed as revenue expenditure - AT

  10. Die tooling charges as revenue expenditure or capital expenditure - It was held to be revenue in nature since the expenditure were incurred for modernization of existing...

 

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