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Showing contexts for: computer includes computer software in Plintron Mobility Solutions Pvt Ltd, ... vs Ito, Corporate Ward -5(2), Chennai on 27 October, 2021Matching Fragments
7. The Ld. DR on the other hand strongly supporting the order of the CIT(A) submitted that what was purchased by the assessee is a license in software which is nothing but a Right which is intangible asset eligible for depreciation @ 25% as applicable to intangible assets.
8. We have heard both the parties, perused materials available on record and gone through orders of the authorities below. The assessee had purchased computer software like Windows, MS Office, Solaris and other operating system etc which are used in the computer systems. As per Appendix -I to IT Rules, 1962, it has prescribed rate of depreciation for various assets, including computer and computer software, as per which software is eligible for higher depreciation at 60%. The computer software has not been defined in the Act, but in Appendix -I to the IT Rules, 1962, it has been explained to include computer programme recorded on any disc, tape, perforated media or other information storage device.