Daily Archives: August 19, 2026

Depreciation Is Allowable On Entire Contractual Cost Of IPL Franchise And TP Adjustments Require Mandatory TPO Reference

By | August 19, 2026
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Depreciation Is Allowable On Entire Contractual Cost Of IPL Franchise And TP Adjustments Require Mandatory TPO Reference Issue Whether “actual cost” under Section 43(1) for claiming depreciation on intangible assets (IPL franchise rights) means the entire contractual consideration or is limited to the actual instalments paid during the relevant year. Whether the Assessing Officer /… Read More »

Expenditure On Minor Repairs, Consumables, And Written-Off Vendor Advances Allowable As Business Revenue Deduction

By | August 19, 2026
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Expenditure On Minor Repairs, Consumables, And Written-Off Vendor Advances Allowable As Business Revenue Deduction Issue Whether expenditure incurred on slotted angles, racks, and modules for existing plant maintenance constitutes revenue expenditure under Section 37(1) or capital expenditure. Whether housekeeping and consumable expenses supported by internal journal entries and shop-floor issue logs with underlying purchase invoices… Read More »

Renewal Of Registration Under Section 12AB Cannot Be Rejected By Insisting On Pre-2021 Registration

By | August 19, 2026
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Renewal Of Registration Under Section 12AB Cannot Be Rejected By Insisting On Pre-2021 Registration Issue Whether the CIT(E) can reject an application for renewal of registration under Section 12AB by invalidating the assessee’s subsisting registration on the ground that it lacked registration under Section 12A/12AA prior to April 1, 2021, without formal cancellation. Whether rejecting… Read More »

Urban Development Authority Pursuing General Public Utility Objects Entitled To Exemption And Depreciation Benefits

By | August 19, 2026
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Urban Development Authority Pursuing General Public Utility Objects Entitled To Exemption And Depreciation Benefits Issue Whether an urban development authority carrying on activities for the advancement of an object of general public utility without a commercial motive is entitled to tax exemption under Section 11 of the Income-tax Act, 1961. Whether generic or non-project-specific grants… Read More »

The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026

By | August 19, 2026
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The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 FAQ’s The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (Chapter IV, sections 130 to 144 of the Finance Act, 2026, read with the Foreign Assets of Small Taxpayers – Disclosure Scheme Rules, 2026)   A.   About the Scheme Q1. What is the Foreign Assets of… Read More »