https://www.taxtmi.com/caselaws?id=431107 The Court dismissed the appeal, affirming the decisions of the lower authorities and ruling in favor of the respondent. It concluded that the assessing officer's adjustment disallowing the claim of interest on deposits under Section 143(1)(a) of the Income Tax Act was not sustainable in law. The Court emphasized that prima facie adjustments could only be made in specific circumstances, which were not present in this case. The issue was deemed highly debatable, leading to the adjustment being set aside. en-us Wed, 23 Nov 2022 00:00:00 +0530 Tue, 06 Dec 2022 09:39:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431107 The Court dismissed the appeal, affirming the decisions of the lower authorities and ruling in favor of the respondent. It concluded that the assessing officer's adjustment disallowing the claim of interest on deposits under Section 143(1)(a) of the Income Tax Act was not sustainable in law. The Court emphasized that prima facie adjustments could only be made in specific circumstances, which were not present in this case. The issue was deemed highly debatable, leading to the adjustment being set aside. Case-Laws Income Tax Wed, 23 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431107