https://www.taxtmi.com/caselaws?id=9852 The court ruled in favor of the assessee, holding that the disallowance of the corporate guarantee obligation did not align with the 'prima facie adjustment' under section 143(1)(a) of the Income-tax Act. The Tribunal's decision was upheld, emphasizing that only prima facie considerations, not detailed assessments, are required under this provision. The court highlighted that debatable issues should not be resolved at this stage, and a prima facie case was established by the assessee based on available evidence. The judgment favored the assessee, emphasizing the significance of initial impressions in such assessments. en-us Thu, 22 Jun 2006 00:00:00 +0530 Thu, 02 Jul 2009 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9852 The court ruled in favor of the assessee, holding that the disallowance of the corporate guarantee obligation did not align with the 'prima facie adjustment' under section 143(1)(a) of the Income-tax Act. The Tribunal's decision was upheld, emphasizing that only prima facie considerations, not detailed assessments, are required under this provision. The court highlighted that debatable issues should not be resolved at this stage, and a prima facie case was established by the assessee based on available evidence. The judgment favored the assessee, emphasizing the significance of initial impressions in such assessments. Case-Laws Income Tax Thu, 22 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9852