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2015 (10) TMI 949 - CALCUTTA HIGH COURT

2015 (10) TMI 949 - CALCUTTA HIGH COURT - TMI - Interest paid on assets prior to their installation - whether can be taken as their cost of installation and permitting deduction under section 43(1)? - Held that:- The first question is covered in favour of the assessee in view of the judgment of the Supreme Court of India in Deputy Commissioner of Income-tax Vs. Core Health Care Ltd. [2008 (2) TMI 8 - SUPREME COURT OF INDIA] particularly the principles of law laid down in paragraphs 11, 13 and 14 .....

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n 36(1)(xi)? - Held that:- From a reading of the definition of “computer system” it is evident that it is a device or collection of devices which includes input and output support devices and is capable of being used in conjunction with external files or more which contain computer programmes, electronic instructions, input data and output data. In the instant case the Tribunal, being the ultimate fact finding authority, found that “Therefore, on the basis of the facts and circumstances as broug .....

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68 - BOMBAY HIGH COURT) supports the stand of the respondent. - Decided in favour of the assessee. - ITA No. 386 of 2005 - Dated:- 14-9-2015 - Soumitra Pal And Ishan Chandra Das, JJ. For the Appellant : Mrs. Soma Chatterjee, Adv For the Respondent : Mr. Abhratosh Majumdar, Mr.Avra Mazumder, Adv ORDER Soumitra Pal, J. This appeal, under Section 260A of the Income-Tax Act, 1961preferred against the order passed by the Income Tax Appellate Tribunal for the assessment year 2000-2001, was admitted on .....

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arned advocate for the respondent submits that the first question is covered in favour of the assessee in view of the judgment of the Supreme Court of India in Deputy Commissioner of Income-tax Vs. Core Health Care Ltd. : [2008] 298 ITR 194 (SC), particularly the principles of law laid down in paragraphs 11, 13 and 14 thereof, which is not disputed by Mrs. Soma Chatterjee, learned Advocate for the appellant. Therefore, in view of the judgment in Deputy Commissioner of Income-Tax Vs. Core Health .....

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) and Explanation (a) and (b) thereof Mr. Majumdar submits that as the expenditure was made to make the computer system Y2K compliant computer system, some modifications and replacements were made with the network system as stipulated under the law, it was an allowable expenditure. In this regard reliance has been placed on an unreported judgment of the Bombay High Court delivered on 14th January, 2013 being ITA No.4782 of 2010 (Commissioner of Income Tax Vs. Asian Paints (India) Ltd.). In order .....

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pril, 2000, wholly and exclusively in respect of a non-Y2K compliant computer system, owned by the assessee and used for the purposes of his business or profession, so as to make such computer system Y2K compliant computer system : Provided that no such deduction shall be allowed in respect of such expenditure under any other provisions of this Act : Provided further that no such deduction shall be admissible unless the assessee furnishes in the prescribed form, along with the return of income, .....

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er programmes, electronic instructions, input data and output data, that performs functions including, but not limited to, logic, arithmetic, data storage and retrieval, communication and control; (b) Y2K compliant computer system , means a computer system capable of correctly processing, providing or receiving data relating to date within and between the twentieth and twenty-first century; As seen, in computing the income, the said section provides for deduction if such expenditure is incurred .....

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