Re-assessment proceedings quashed as there was no nexus between reasons recorded and addition made

CA Prarthana Jalan Hon’ble Delhi ITAT has in the case of Krishan Kumar v/s ITO in ITA No. 3985/Del/2017 has quashed the reassessment proceedings as there was no nexus between reasons recorded and addition made. In the instant case reopening was made on the basis of AIR information received that the assessee has made cash deposit of Rs. 19 lakhs whereas the AO  made addition of Rs. 36,26,500/- to the total income of the assessee on account of capital gain. Further, the AO also made addition of Rs. 38,362/- on account of interest which was not disclosed by the assessee. Hon’ble D...