https://www.taxtmi.com/caselaws?id=758106 The Tribunal allowed the assessee's appeal, setting aside the CIT(A)'s findings and directing the AO to delete the addition of Rs. 2,76,953 made under section 36(1)(va) of the Income Tax Act. The Tribunal concluded that rectification under section 154 based on a subsequent Supreme Court judgment was unjustified since the issue was debatable at the time of the original assessment. This decision underscores the necessity for clear legal grounds and appropriate jurisdiction in rectification proceedings, emphasizing that subsequent judgments should not retroactively alter assessments if the matter was previously contentious. en-us Thu, 29 Aug 2024 00:00:00 +0530 Fri, 06 Sep 2024 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758106 The Tribunal allowed the assessee's appeal, setting aside the CIT(A)'s findings and directing the AO to delete the addition of Rs. 2,76,953 made under section 36(1)(va) of the Income Tax Act. The Tribunal concluded that rectification under section 154 based on a subsequent Supreme Court judgment was unjustified since the issue was debatable at the time of the original assessment. This decision underscores the necessity for clear legal grounds and appropriate jurisdiction in rectification proceedings, emphasizing that subsequent judgments should not retroactively alter assessments if the matter was previously contentious. Case-Laws Income Tax Thu, 29 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758106