https://www.taxtmi.com/caselaws?id=237620 The High Court of Punjab and Haryana ruled in favor of the assessee in the disposal of three appeals (ITA Nos. 615, 616, and 617 of 2008) concerning the disallowance of expenditure. The court found that the assessing authorities lacked prima facie material to justify the additions made to the income of the assessee. Emphasizing the need for a reasonable nexus between available material and assessments, the court overturned the decisions, stating that assessments should not be based on guesswork or mere suspicion. The judgment highlighted the importance of fair and honest income estimation by the authorities. en-us Tue, 06 Aug 2013 00:00:00 +0530 Wed, 02 Oct 2013 23:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237620 The High Court of Punjab and Haryana ruled in favor of the assessee in the disposal of three appeals (ITA Nos. 615, 616, and 617 of 2008) concerning the disallowance of expenditure. The court found that the assessing authorities lacked prima facie material to justify the additions made to the income of the assessee. Emphasizing the need for a reasonable nexus between available material and assessments, the court overturned the decisions, stating that assessments should not be based on guesswork or mere suspicion. The judgment highlighted the importance of fair and honest income estimation by the authorities. Case-Laws Income Tax Tue, 06 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237620