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addition of Rs. 3,69,869/- is deleted. This ground of appeal is allowed."

9. We have considered the rival submissions and found from record that the assessee has debited net expenditure of Rs. 1,14,747/- on account of software having validity of one year, accordingly, assessee had to pay further annual charges to continue the use of software. Financial Technologies supplied ODIN software and Religare Technova supplied FAST TRADE software used for internet based trading through stock exchange. These softwares were front office softwares which allow connectivity with stock exchange. Its license validity was one year only thereafter the assessee had to pay annual charges to continue this software. The assessee was not absolute owner of software as he has not been given source code which is necessary to modify software. It was contended that these expenses have no enduring benefit for a longer period but these are incurred every year. These were recurring expenditure and, thus, are revenue expenses. Computer technology is changing very fast and software becomes obsolete within a year or two. Further, these softwares have