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2023 (3) TMI 1041 - ITAT MUMBAIValidity of assumption of jurisdictional u/s 147 - reasons to believe - reassessment made on the basis of information received that property was sold by the assessee, though the amount of sale consideration and the capital gains may be different - HELD THAT:- No merit in submission of the DR, of the reasons for reopening the assessment we find that the AO has taken due note of the capital gains offered by the assessee from sale of property with sale consideration - AO sought to tax the capital gains on the transaction of sale of property with sale consideration which as per the AO was not offered to tax by the assessee. Therefore, the income which was initially alleged to have escaped assessment was not ultimately added by the AO while passing the assessment order and rather the transaction already disclosed by the assessee was re-examined and the capital gains computed by the assessee was recalculated in the assessment order without issuing a fresh notice under section 148 of the Act. It is trite law that the reasons, as recorded for reopening the reassessment, are to be examined on a standalone basis to determine the validity of proceedings u/s 147 of the Act. Thus reopening of assessment in the present case is unsustainable in law. The impugned reassessment proceedings are set aside for this short reason alone - Decided in favour of assessee.
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