![Income Tax Reassessment Orders need Prompt Interference if Mechanically Initiated or Based on Wrong Factual Foundation: Madras HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Income-Tax-Reassessment-Orders-Prompt-Interference-Mechanically-Wrong-Factual-Foundation-Madras-HC-taxscan.jpg "Income Tax Reassessment Orders need Prompt Interference if Mechanically Initiated or Based on Wrong Factual Foundation: Madras HC [Read Order]")
Income Tax Reassessment Orders need Prompt Interference if Mechanically Initiated or Based on Wrong Factual Foundation: Madras HC [Read Order]
The Madras High Court has quashed Income Tax reassessment orders issued and notices observing that it needs immediate inference if it is initiated...
![Trust mistakenly applies for Registration u/s 12A (1)(ac)(ii) instead of 12A(1)(ac)(iii) of Income Tax Act: ITAT directs Readjudication [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Income-tax-news-Commissioner-of-Income-Tax-Trust-registration-Trust-taxation-Trust-taxing-mistake-taxscan.jpg "Trust mistakenly applies for Registration u/s 12A (1)(ac)(ii) instead of 12A(1)(ac)(iii) of Income Tax Act: ITAT directs Readjudication [Read Order]")
![Non-Competition Fee received under Restrictive Covenants Restrains Source of Income: ITAT deletes Addition of Rs. 64 Cr [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Non-Competition-Fee-received-Restrictive-Covenants-Restrains-Source-Income-ITAT-TAXSCAN.jpg "Non-Competition Fee received under Restrictive Covenants Restrains Source of Income: ITAT deletes Addition of Rs. 64 Cr [Read Order]")
![Assessee not expected to keep E-Portal of Income Tax Dept open all time to have Knowledge of what is being Done: Punjab and Haryana HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Punjab-and-Haryana-High-Court-Income-Tax-Income-Tax-Department-Income-Tax-Portal-taxscan.jpg "Assessee not expected to keep E-Portal of Income Tax Dept open all time to have Knowledge of what is being Done: Punjab and Haryana HC [Read Order]")
![Jurisdiction Challenge of Assessing Authority shall be filed within 1 Month as u/s 124(3) of Income Tax Act: ITAT dismisses Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/ITAT-ITAT-Bangalore-Income-Tax-Assessing-Authority-taxscan.jpg "Jurisdiction Challenge of Assessing Authority shall be filed within 1 Month as u/s 124(3) of Income Tax Act: ITAT dismisses Appeal [Read Order]")
CBDT enables Form-1 for Ship and Aircraft Leasing Business, Form-10IEA, Form-10IFA, and Form-3AF in Income Tax Portal
The Central Board of Direct Taxes ( CBDT ) has released several Forms crucial for businesses in the aviation and maritime sectors. These updates aim to streamline tax processes and provide clarity on...
Income Tax Addition made towards Unsubstantiated Share Capital is eligible for Deduction u/s 80-IC of Income Tax Act: Delhi HC [Read Order]
In a significant ruling the Delhi High Court observed that the income tax addition made towards unsubstantiated share capital is eligible for deduction under Section 80-IC of the Income Tax Act,...
![Income Tax Addition made towards Unsubstantiated Share Capital is eligible for Deduction u/s 80-IC of Income Tax Act: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Income-Tax-Exemption-Salaried-Employees-Income-Tax-Exemption-for-Salaried-Employees-taxscan-1.jpg "Income Tax Addition made towards Unsubstantiated Share Capital is eligible for Deduction u/s 80-IC of Income Tax Act: Delhi HC [Read Order]")
Alleged Erroneous TDS Deduction u/s 194H of IT Act by LLP Employer when Form 16A filed: Madras HC Orders to file Statutory Appeal [Read Order]
The Madras High Court, in a recent ruling, has instructed the petitioner to file a statutory appeal within two weeks, along with the necessary pre-deposit in a case involving incorrect Tax Deduction...
![Alleged Erroneous TDS Deduction u/s 194H of IT Act by LLP Employer when Form 16A filed: Madras HC Orders to file Statutory Appeal [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Madras-High-Court-TDS-TDS-deduction-Income-Tax-Income-tax-news-Tax-deduction-at-source-taxscan.jpg "Alleged Erroneous TDS Deduction u/s 194H of IT Act by LLP Employer when Form 16A filed: Madras HC Orders to file Statutory Appeal [Read Order]")
![CBDT Notification going beyond Provisions of Income Tax Act is Invalid: Bombay HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/CBDT-Notification-Income-Tax-Act-Bombay-HC-TAXSCAN.jpg "CBDT Notification going beyond Provisions of Income Tax Act is Invalid: Bombay HC [Read Order]")
Income Tax Exemption for Salaried Employees: All You Need to Know about Leave Travel Allowance (LTA)
Leave Travel Allowance (LTA), also referred to as Leave Travel Concession (LTC), is a tax exemption offered to employed individuals for travel expenses within India. It constitutes a component of the...
No Confirmation of Income Tax Addition based on Photocopy of Alleged Agreement to Sell: Delhi HC [Read Order]
A Division Bench of the Delhi High Court recently held that photocopy of an agreement to sell cannot be construed to be a sustainable ground for making addition to the income of the assessee. The...
![No Confirmation of Income Tax Addition based on Photocopy of Alleged Agreement to Sell: Delhi HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/04/Delhi-High-Court-Income-Tax-Income-Tax-Addition-Photocopy-of-Alleged-Agreement-TAXSCAN.jpg "No Confirmation of Income Tax Addition based on Photocopy of Alleged Agreement to Sell: Delhi HC [Read Order]")