https://www.taxtmi.com/caselaws?id=218523 The Tribunal held that the reopening of the assessment under section 148 of the Income Tax Act was invalid as the Assessing Officer lacked tangible material to support the belief that income had escaped assessment. The Tribunal also ruled that the disallowance under section 14A was not justified, as there was no evidence to prove that loans were used for investments generating exempt income. Consequently, the Revenue's appeal was dismissed. en-us Mon, 30 Jul 2012 00:00:00 +0530 Fri, 16 Nov 2012 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218523 The Tribunal held that the reopening of the assessment under section 148 of the Income Tax Act was invalid as the Assessing Officer lacked tangible material to support the belief that income had escaped assessment. The Tribunal also ruled that the disallowance under section 14A was not justified, as there was no evidence to prove that loans were used for investments generating exempt income. Consequently, the Revenue's appeal was dismissed. Case-Laws Income Tax Mon, 30 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218523