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2014 (1) TMI 1888 - AT - Income TaxDepreciation on UPS - @ 60% OR 15% - Whether UPS is an electrical appliance for temporary supply of electricity therefore is in nature of plant and machinery? - Depreciation on ATM - @ 60% OR 15% - ATM is a cash dispensing machine with a projector and therefore is in nature of plant and machinery - depreciation on software - HELD THAT:- As decided in M/S. SARASWAT INFOTECH LTD. [2013 (1) TMI 861 - BOMBAY HIGH COURT] UPS was held to be the part of the computer system and depreciation at 60% was allowed. Similarly, so far as ATMs are concerned, the Tribunal on finding of fact concluded that ATM cannot function without the help of computer and would be a part of the computer used in the banking industry.ATM was a computer equipment and depreciation © 60% was allowed. So far as the use of software is concerned, the Tribunal records a fact that the evidence of the use of the software on 31/3/2008 was produced before the Tribunal. Thus, the Tribunal held that depreciation @ 30% on software was rightly claimed. - Decided against revenue.
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