Income Tax Bulletin May 2026
Judicial Updates
- Minor variations in Form No. 10 is not a ground to deny benefit of exemption under section 11(2) benefit:
- Inextricable nexus between FD interest on bank guarantee & SRA project justifies capitalization:
- Penalty cannot be imposed on Additional income reported u/s 148:
- Loan raising expenditure for repaying liabilities & statutory dues is an allowable expenditure:
- Machinery replacement that creates enduring benefit constitutes capital expenditure, not revenue expenditure: