Held that the purchase of an application software being core banking solution for networking its branches with centralized processing solution, the impugned expenditure only facilitates carrying on the business of the assessee more profitably without touching the profit-making apparatus of the bank and, therefore, the same is allowable as revenue expenditure.(AY. 2001-02)
ACIT v. Kotak Mahindra Bank Ltd (As successor in business of eralt while, Vysya Bank Ltd (2022) 215 TTJ 409 /210 DTR 81 (Bang)(Trib)
S. 37(1) : Business expenditure-Capital or revenue-Application software-Net working with 125 branches-Allowable as revenue expenditure.