Reasons recorded for reopening are to be examined on a standalone basis

Jowheri Jalaluddin Mullick Vs Income Tax Officer International Taxation (ITAT Mumbai) In the present case, it is undisputed that for the year under consideration, the assessee has offered capital gains from the sale of property with sale consideration amounting to Rs.12,80,00,000. Accordingly, the assessee declared a total income of Rs.9,69,65,080, which comprise taxable long-term capital gains of Rs.9,50,51,636, and income from other sources of Rs.19,23,445. The Assessing Officer on the basis of information received from DIT (I&CI) vide letter dated 13/07/2018, that the assessee has sold ...