Day: October 5, 2025

Addition u/s 41(1) deleted as spot enquiry of creditors done by Inspector was not as per procedure laid down In a recent judgment, ITAT Lucknow has deleted addition under section 41(1) of Income Tax Act based on spot enquiry of creditors made by the AO through inspector who …

Law does not require needless formalism when substantive compliance is manifest – ITAT deleted disallowance of exemption made under section 54 – ITAT  In a recent judgment, ITAT Mumbai has deleted disallowance of exemption made u/s 54 of the Income Tax Act on the premise that the assessee …