https://www.taxtmi.com/caselaws?id=248344 The ITAT allowed the assessee's appeal, quashing the reassessment under section 147 of the IT Act for the assessment year 2007-08. The court emphasized the necessity of tangible material and a valid reason to believe for reopening assessments. The disallowance of ULC charges and deduction u/s 54F was overturned, as the court found no fresh material justifying the disallowances. The validity of notice u/s 148 was questioned, leading to the denial of exemption u/s 54F being set aside. The ITAT dismissed the revenue's appeal due to the lack of a valid reason for reassessment. en-us Wed, 21 May 2014 00:00:00 +0530 Tue, 10 Jun 2014 19:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248344 The ITAT allowed the assessee's appeal, quashing the reassessment under section 147 of the IT Act for the assessment year 2007-08. The court emphasized the necessity of tangible material and a valid reason to believe for reopening assessments. The disallowance of ULC charges and deduction u/s 54F was overturned, as the court found no fresh material justifying the disallowances. The validity of notice u/s 148 was questioned, leading to the denial of exemption u/s 54F being set aside. The ITAT dismissed the revenue's appeal due to the lack of a valid reason for reassessment. Case-Laws Income Tax Wed, 21 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248344