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2012 (9) TMI 469 - AT - Income TaxAddition on account of unrealized gain from forward contract – Offered for tax by the assessee - Corresponding entry is also disclosed as ‘Unrealized Profit on Forward Exchange Contracts and Financial Instruments’ as “Loans and Advances” in Balance sheet – Held that:- As the assessee has already offered the impugned amount in its audited accounts therefore, again addition of the same will lead to double taxation. Decision in favour of assessee. Legal and professional charges, capital or revenue in nature – Fee paid to advocates for SLP filed before the Supreme Court, die modification charges and payment of court fees - Held that:- As the assessee had not obtained benefit of any enduring nature by way of this expenditure. These expenditures which are incurred in the ordinary course of business have to be allowed to the assessee and the same cannot be disallowed by treating the same as capital in nature. Decided in favour of assessee. Disallowance of depreciation u/s 32 – Rate of depreciation on computer accessories and peripherals - Held that:- Following the decision of Delhi High court in case of BSES Rajdhani Powers Ltd. (2010 (8) TMI 58), that computer accessories and peripherals such as, printers, scanners and server etc. form an integral part of the computer system as they cannot be used without the computer. Hence, same are the part of the computer system and entitled to depreciation at the higher rate of 60%. Decision in favour of assessee.
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