https://www.taxtmi.com/caselaws?id=430515 The appeals by the Revenue for both AY 2007-08 and AY 2008-09 were dismissed. The reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961 were set aside due to the vagueness and insufficiency of the reasons recorded by the AO. The petitions filed by the assessee under Rule 27 of ITAT Rules, 1963, challenging the validity of reassessment proceedings, were allowed. en-us Fri, 04 Nov 2022 00:00:00 +0530 Mon, 21 Nov 2022 09:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430515 The appeals by the Revenue for both AY 2007-08 and AY 2008-09 were dismissed. The reassessment proceedings initiated under Section 147 of the Income Tax Act, 1961 were set aside due to the vagueness and insufficiency of the reasons recorded by the AO. The petitions filed by the assessee under Rule 27 of ITAT Rules, 1963, challenging the validity of reassessment proceedings, were allowed. Case-Laws Income Tax Fri, 04 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430515