A P.ltd software company has purchased Books worth Rs.17,000/- for reference of various software issues for employees.
Under what all circumstances Books purchased needs to be capitalized and CAN 60% depreciation be claimed on above & showing same under P&M - 60%
If books purchased are annual publications - depreciation can be claimed @ 100%
otherwise it will be depreciated @ 60% as plant & machinery.
Whether capitalization of Books purchased is mandatory or can we charge all purchases of Books to revenue.
Can anyone mention the relevant provision of Income Tax stating the situations under which purchases of Books to be capitalized Or case laws regarding this
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