https://www.taxtmi.com/caselaws?id=421309 The court dismissed the appeals challenging the deletion of an addition under Section 36(1)(iii) of the Income Tax Act for interest expenditure. It held that each year's assessment is final only for that specific year, emphasizing no issue of res judicata in tax matters. The court noted that consistency and certainty in tax litigation are crucial, promoting uniformity in judicial decisions. Emphasizing the importance of maintaining predictability, the court concluded that similar matters should be treated alike unless factual variances warrant a different approach, ensuring consistency and uniformity in judicial decisions. en-us Mon, 18 Apr 2022 00:00:00 +0530 Wed, 20 Apr 2022 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421309 The court dismissed the appeals challenging the deletion of an addition under Section 36(1)(iii) of the Income Tax Act for interest expenditure. It held that each year's assessment is final only for that specific year, emphasizing no issue of res judicata in tax matters. The court noted that consistency and certainty in tax litigation are crucial, promoting uniformity in judicial decisions. Emphasizing the importance of maintaining predictability, the court concluded that similar matters should be treated alike unless factual variances warrant a different approach, ensuring consistency and uniformity in judicial decisions. Case-Laws Income Tax Mon, 18 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421309