AO can’t question existence of software work-in-progress if assessee was claiming dep. on it from many years: ITAT

INCOME TAX : Where AO restricted depreciation claimed by assessee-company, engaged in software development, on software work in progress capitalized during year on ground that assessee failed to prove existence of such asset, since assessee had maintained books of account and shown work in progress which was evident from fixed assets schedule on which depreciation was year by year claimed and allowed and existence of software was challenged for first time during year and, further,INCOME TAX : Where AO restricted depreciation claimed by assessee-company, engaged in software development, on software work in progress capitalized during year on ground that assessee failed to prove existence of such asset, since assessee had maintained books of account and shown work in progress which was evident from fixed assets schedule on which depreciation was year by year claimed and allowed and existence of software was challenged for first time during year and, further,www.taxmann.com Latest Case LawsRead More

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