ASSTT. COMMISSSIONER OF INCOME TAX (IT) -3(1)(2), MUMBAI vs. KUWAIT INVESTMENT AUTHORITY, MUMBAI

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “I” MUMBAI

BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI SANDEEP SINGH KARHAIL (JUDICIAL MEMBER)

ITA No. 5351/MUM/2025 Assessment Year: 2023-24

Asstt. CIT (IT)-3(1)(2), Kuwait Investment Authority, Room No.-603, 6th floor, KPMG, Lodha Excelus, Appollo Vs. Income Tax Office, Mills, Compound, N.M. Joshi Kautilya Bhawan, BKC, Marg, Mahalaxmi, Mumbai-400051. Mumbai-400011. PAN NO. AAATK 3858 Q Appellant Respondent

Assessee by : Mr. Farrokh Irani, Sr. Adv. : Mr. Krishna Kumar, Sr. DR Revenue by

: 21/01/2026 Date of Hearing : 30/01/2026 Date of pronouncement

ORDER PER OM PRAKASH KANT, AM

This appeal by the Revenue is directed against order dated 20.06.2025 passed by the Ld. Commissioner of Income-tax-57, Mumbai [in short ‘the Ld. CIT(A)’] for assessment year 2023-24.

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that the assessee ought to be assessed as a that the assessee ought to be assessed as a trust trust, since the Permanent Account Number (PAN) has been issued in that status, Permanent Account Number (PAN) has been issued in that status, Permanent Account Number (PAN) has been issued in that status, whereas the learned Commissioner of Income-tax (Appeals) whereas the learned Commissioner of Income whereas the learned Commissioner of Income [“CIT(A)”] has accepted the assessee as a cepted the assessee as a corporate entity corporate entity.

4.1 The assessee is a The assessee is a non-resident entity, constituted under , constituted under Law No. 47 of 1982 enacted by the Government of Kuwait, and is enacted by the Government of Kuwait, and is enacted by the Government of Kuwait, and is known as the Kuwait Investment Authority (KIA) Kuwait Investment Authority (KIA). In support of its . In support of its constitution and legal status, the learned counsel for the assessee constitution and legal status, the learned counsel for the assessee constitution and legal status, the learned counsel for the assessee placed before us the founding statute, relevant extracts of which placed before us the founding statute, relevant extracts of which placed before us the founding statute, relevant extracts of which were duly reproduced and relied upon: duly reproduced and relied upon:

“LAW NO.47 OF 1982, ESTABLISHING THE PUBLIC LAW NO.47 OF 1982, ESTABLISHING THE PUBLIC LAW NO.47 OF 1982, ESTABLISHING THE PUBLIC INVESTMENT AUTHORITY [now known as the "Kuwait INVESTMENT AUTHORITY [now known as the "Kuwait INVESTMENT AUTHORITY [now known as the "Kuwait Investment Authority] Investment Authority]

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Having perused Articles 20, 65, 79, 109, 148, 156, 178 of the Having perused Articles 20, 65, 79, 109, 148, 156, 178 of the Having perused Articles 20, 65, 79, 109, 148, 156, 178 of the Constitution, And Law No. 30 of 1964, establish Constitution, And Law No. 30 of 1964, establishing the Audit ing the Audit Bureau, as amended be Decree Law No. 4 for 1977, And Law No. Bureau, as amended be Decree Law No. 4 for 1977, And Law No. Bureau, as amended be Decree Law No. 4 for 1977, And Law No. 22 of 1968, Concerning Currency, the Kuwait Central Bank and 22 of 1968, Concerning Currency, the Kuwait Central Bank and 22 of 1968, Concerning Currency, the Kuwait Central Bank and the Regulation of the Banking Profession, as amended be Decree the Regulation of the Banking Profession, as amended be Decree the Regulation of the Banking Profession, as amended be Decree Law no. 120 of 1977, And Law No. 32 of 1970, Concerning t Law no. 120 of 1977, And Law No. 32 of 1970, Concerning t Law no. 120 of 1977, And Law No. 32 of 1970, Concerning the Regulation of Dealings in Securities of Companies, And Decree Regulation of Dealings in Securities of Companies, And Decree Regulation of Dealings in Securities of Companies, And Decree Law No. 106 of 1976, Concerning the Future Generations Fund, Law No. 106 of 1976, Concerning the Future Generations Fund, Law No. 106 of 1976, Concerning the Future Generations Fund, And Decree Law No. 31 of 1978, Relating to the Rules for And Decree Law No. 31 of 1978, Relating to the Rules for And Decree Law No. 31 of 1978, Relating to the Rules for Preparation of Public Budgets and Control of its Implementation Preparation of Public Budgets and Control of its Implementation Preparation of Public Budgets and Control of its Implementation and of the State's Annual Account, And Decree Law No. 15 of e State's Annual Account, And Decree Law No. 15 of e State's Annual Account, And Decree Law No. 15 of 1979, Concerning Civil Service, And Decree Law No. 68 of 1980, 1979, Concerning Civil Service, And Decree Law No. 68 of 1980, 1979, Concerning Civil Service, And Decree Law No. 68 of 1980, Promulgating the Law of Commerce, The National Assembly has Promulgating the Law of Commerce, The National Assembly has Promulgating the Law of Commerce, The National Assembly has passed the Law, the text of which reproduced below, and we passed the Law, the text of which reproduced below, and we passed the Law, the text of which reproduced below, and we have sanctioned and ena have sanctioned and enacted the same: Article 1 An independent public authority shall be established with An independent public authority shall be established with An independent public authority shall be established with juridical status to be named the "Public Investment Authority" juridical status to be named the "Public Investment Authority" juridical status to be named the "Public Investment Authority" and be attached to the Minister of Finance. The seat of the and be attached to the Minister of Finance. The seat of the and be attached to the Minister of Finance. The seat of the authority shall be in the State of Kuwait and it m authority shall be in the State of Kuwait and it may set up offices ay set up offices outside the State of Kuwait. outside the State of Kuwait. Article 2 The objective of the Authority is to undertake, in the name and for The objective of the Authority is to undertake, in the name and for The objective of the Authority is to undertake, in the name and for the account of the Government of Kuwait, the management of the the account of the Government of Kuwait, the management of the the account of the Government of Kuwait, the management of the State's Reserve Fund, the monies allocated for the Future State's Reserve Fund, the monies allocated for the Future State's Reserve Fund, the monies allocated for the Future Generations Fund, as well as such other monies that the Minister s Fund, as well as such other monies that the Minister s Fund, as well as such other monies that the Minister of Finance may entrust the Authority with its management. of Finance may entrust the Authority with its management. of Finance may entrust the Authority with its management. Article 3 The Authority shall be managed by a Board of Directors which The Authority shall be managed by a Board of Directors which The Authority shall be managed by a Board of Directors which shall be composed of the Minister of Finance, as Chairman, the shall be composed of the Minister of Finance, as Chairman, the shall be composed of the Minister of Finance, as Chairman, the Minister of Oil, the under of Oil, the under-Secretary of the Ministry of Finance and Secretary of the Ministry of Finance and the Governor of the Central Bank, as well as five other members the Governor of the Central Bank, as well as five other members the Governor of the Central Bank, as well as five other members from among those Kuwaitis specialized in various fields of from among those Kuwaitis specialized in various fields of from among those Kuwaitis specialized in various fields of investment, to be appointed by an Amiri Decree for a four investment, to be appointed by an Amiri Decree for a four investment, to be appointed by an Amiri Decree for a four-year term, who may be re ay be re-appointed, provided that at least three of appointed, provided that at least three of them do not hold any public office. The Board of Directors is the them do not hold any public office. The Board of Directors is the them do not hold any public office. The Board of Directors is the body responsible for the affairs of the Authority and has all body responsible for the affairs of the Authority and has all body responsible for the affairs of the Authority and has all powers necessary for attaining its objectives, and in particular, powers necessary for attaining its objectives, and in particular, powers necessary for attaining its objectives, and in particular, the following:

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a. Formulation of the general policy of the Authority and a. Formulation of the general policy of the Authority and a. Formulation of the general policy of the Authority and supervision of its implementation, preparation and follow supervision of its implementation, preparation and follow supervision of its implementation, preparation and follow-up of investment programs, and issue of decisions necessary thereto. investment programs, and issue of decisions necessary thereto. investment programs, and issue of decisions necessary thereto. b. Adoption of financial and administrative regulations necessary b. Adoption of financial and administrative regulations necessary b. Adoption of financial and administrative regulations necessary for the authority and supervision of its implementation. for the authority and supervision of its implementation. for the authority and supervision of its implementation. c. Undertaking of various transactions of assets investment c. Undertaking of various transactions of assets investment c. Undertaking of various transactions of assets investment whether directly or through other establishments. whether directly or through other establishments. d. Approval of the Authority's draft budget and its annual d. Approval of the Authority's draft budget and its annual d. Approval of the Authority's draft budget and its annual accounts, before their submis accounts, before their submission to the competent authorities. sion to the competent authorities. Article 4 The Board of Directors shall be convened upon an invitation by The Board of Directors shall be convened upon an invitation by The Board of Directors shall be convened upon an invitation by its Chairman, and the meeting shall not be valid unless attended its Chairman, and the meeting shall not be valid unless attended its Chairman, and the meeting shall not be valid unless attended by the majority of members, provided the Chairman of the Board by the majority of members, provided the Chairman of the Board by the majority of members, provided the Chairman of the Board being among them. Th being among them. The resolutions of the Board of Directors shall e resolutions of the Board of Directors shall be passed by an absolute majority of the members present, and be passed by an absolute majority of the members present, and be passed by an absolute majority of the members present, and in case of a draw, the Chairman shall have the casting vote. The in case of a draw, the Chairman shall have the casting vote. The in case of a draw, the Chairman shall have the casting vote. The Board of Directors must be invited for meeting at least four times Board of Directors must be invited for meeting at least four times Board of Directors must be invited for meeting at least four times a year, by a not a year, by a notice of at least three days prior to the date set for ice of at least three days prior to the date set for the meeting. Article 5 The Chairman of the Board of directors shall submit the draft The Chairman of the Board of directors shall submit the draft The Chairman of the Board of directors shall submit the draft budget of the Authority to the council of Ministers together with a budget of the Authority to the council of Ministers together with a budget of the Authority to the council of Ministers together with a detailed report on the activities of the Authority detailed report on the activities of the Authority and the position and the position of the invested assets, to include an evaluation of its performance of the invested assets, to include an evaluation of its performance of the invested assets, to include an evaluation of its performance on the basis of the established investment programs and in the on the basis of the established investment programs and in the on the basis of the established investment programs and in the light of the public policy for long light of the public policy for long-term development. Article 6 The Chairman of the Board of Directors The Chairman of the Board of Directors shall represent the shall represent the Authority before the judiciary and in its relations with third Authority before the judiciary and in its relations with third Authority before the judiciary and in its relations with third parties. He will also supervise the management of its business, parties. He will also supervise the management of its business, parties. He will also supervise the management of its business, and in so doing he shall have the powers vested in him in and in so doing he shall have the powers vested in him in and in so doing he shall have the powers vested in him in accordance with the regulations of the Authority, a accordance with the regulations of the Authority, and he may nd he may delegate some of these powers to the Managing Director of the delegate some of these powers to the Managing Director of the delegate some of these powers to the Managing Director of the Authority. Article 7 The Board of directors shall, upon the nomination by the The Board of directors shall, upon the nomination by the The Board of directors shall, upon the nomination by the Chairman of the Board appoint a Managing Director for the Chairman of the Board appoint a Managing Director for the Chairman of the Board appoint a Managing Director for the

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Authority from among those members of the Board Authority from among those members of the Board who are not who are not ex-officio members, and shall determine his remunerations and officio members, and shall determine his remunerations and officio members, and shall determine his remunerations and conditions of service. The Managing Director shall be responsible conditions of service. The Managing Director shall be responsible conditions of service. The Managing Director shall be responsible before the Board for the business of the Authority, and he shall before the Board for the business of the Authority, and he shall before the Board for the business of the Authority, and he shall supervise the execution of the policy and decisions supervise the execution of the policy and decisions of the board of the board in accordance with the regulations passed by the Board. The in accordance with the regulations passed by the Board. The in accordance with the regulations passed by the Board. The Board of Directors may, upon the nomination by the Chairman of Board of Directors may, upon the nomination by the Chairman of Board of Directors may, upon the nomination by the Chairman of the Board, appoint one or more Kuwaiti mangers to assist the the Board, appoint one or more Kuwaiti mangers to assist the the Board, appoint one or more Kuwaiti mangers to assist the Managing Director, and shall determine their remunerations Managing Director, and shall determine their remunerations Managing Director, and shall determine their remunerations and conditions of service. The Managing director and the managers conditions of service. The Managing director and the managers conditions of service. The Managing director and the managers shall work full shall work full-time for the Authority, and neither of them may, time for the Authority, and neither of them may, during his term of office, undertake any work, with or without during his term of office, undertake any work, with or without during his term of office, undertake any work, with or without pay, except for the Authority and may not carry on any pay, except for the Authority and may not carry on any pay, except for the Authority and may not carry on any commercial, industrial or professional work. cial, industrial or professional work. Article 8 The Authority shall have the body of personnel, in which the The Authority shall have the body of personnel, in which the The Authority shall have the body of personnel, in which the employees are appointed in accordance with the regulations employees are appointed in accordance with the regulations employees are appointed in accordance with the regulations adopted by the Board of Directors, but without prejudice to the adopted by the Board of Directors, but without prejudice to the adopted by the Board of Directors, but without prejudice to the provisions of Articles provisions of Articles 5 and 38 of Decree Law No. 15 of 1979 5 and 38 of Decree Law No. 15 of 1979 Concerning Civil Service. The members of the Board of Directors, Concerning Civil Service. The members of the Board of Directors, Concerning Civil Service. The members of the Board of Directors, the employees of the Authority or any of those participating in the employees of the Authority or any of those participating in the employees of the Authority or any of those participating in any form in its activities, may not disclose data or information any form in its activities, may not disclose data or information any form in its activities, may not disclose data or information about their work or the about their work or the position of the invested assets, without a position of the invested assets, without a written permission from the Chairman of the Board of Directors, written permission from the Chairman of the Board of Directors, written permission from the Chairman of the Board of Directors, and this prohibition remains in force even after cessation of the and this prohibition remains in force even after cessation of the and this prohibition remains in force even after cessation of the relation of the person with the business of the Authority. relation of the person with the business of the Authority. relation of the person with the business of the Authority. Article 9 Without preju Without prejudice to any heavier punishment whoever divulges dice to any heavier punishment whoever divulges any of the secrets of the work of the Authority or data or any of the secrets of the work of the Authority or data or any of the secrets of the work of the Authority or data or information of which he became aware, by virtue of his work at information of which he became aware, by virtue of his work at information of which he became aware, by virtue of his work at the Authority, shall be punished with imprisonment for a period the Authority, shall be punished with imprisonment for a period the Authority, shall be punished with imprisonment for a period not exceeding three ye not exceeding three years. Article 10 The Authority shall have a supplementary budget, the revenues The Authority shall have a supplementary budget, the revenues The Authority shall have a supplementary budget, the revenues of which shall consist of the sums allocated to it by the State in of which shall consist of the sums allocated to it by the State in of which shall consist of the sums allocated to it by the State in the Public Budget. The fiscal year of the Authority shall the Public Budget. The fiscal year of the Authority shall the Public Budget. The fiscal year of the Authority shall correspond to the fiscal year of the State. However, correspond to the fiscal year of the State. However, the first fiscal the first fiscal year shall deemed to run from the effective date of this Law till year shall deemed to run from the effective date of this Law till year shall deemed to run from the effective date of this Law till the end of June of the fiscal year which follows. the end of June of the fiscal year which follows. Article 11

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The Board of directors shall prescribe the annual accountancy The Board of directors shall prescribe the annual accountancy The Board of directors shall prescribe the annual accountancy rules and procedures. The advance audit regulation rules and procedures. The advance audit regulations stipulated s stipulated in the referenced Law No. 30 of 1964, Shall not apply to the in the referenced Law No. 30 of 1964, Shall not apply to the in the referenced Law No. 30 of 1964, Shall not apply to the works of the Authority, but this is without prejudice to the powers works of the Authority, but this is without prejudice to the powers works of the Authority, but this is without prejudice to the powers of the Audit Bureau to examine the Authority's account without of the Audit Bureau to examine the Authority's account without of the Audit Bureau to examine the Authority's account without interference in the conduct of its functions or pol interference in the conduct of its functions or policy. The Authority icy. The Authority shall have one or more auditor who shall be from the certified shall have one or more auditor who shall be from the certified shall have one or more auditor who shall be from the certified accountants and the Board of Directors shall appoint him, upon accountants and the Board of Directors shall appoint him, upon accountants and the Board of Directors shall appoint him, upon the nomination by the Minister of Finance, and determine his the nomination by the Minister of Finance, and determine his the nomination by the Minister of Finance, and determine his fees, and he is to audit the accounts of the fisca fees, and he is to audit the accounts of the fiscal year for which l year for which he is appointed. he is appointed. Article 12 The Prime Minister and the Ministers shall, each within his The Prime Minister and the Ministers shall, each within his The Prime Minister and the Ministers shall, each within his capacity, execute the provisions of this Law which shall be capacity, execute the provisions of this Law which shall be capacity, execute the provisions of this Law which shall be published in the Official Gazette, and shall take effect from the published in the Official Gazette, and shall take effect from the published in the Official Gazette, and shall take effect from the date of its publication. date of its publication.” 4.2 A perusal of the statutory framework establishing KIA A perusal of the statutory framework establishing KIA A perusal of the statutory framework establishing KIA unequivocally demonstrates that it is an unequivocally demonstrates that it is an independent public independent public authority with juridical personality authority with juridical personality, constituted under a special constituted under a special statute, having perpetual succession, an independent governance statute, having perpetual succession, an independent governance statute, having perpetual succession, an independent governance structure through a Board of Directors, authority to sue and be structure through a Board of Directors, authority to sue and be structure through a Board of Directors, authority to sue and be sued in its own name, and financial and administrative autonomy. sued in its own name, and financial and administrative autonomy. sued in its own name, and financial and administrative autonomy. The Authority manages state funds The Authority manages state funds in the name and on behalf of in the name and on behalf of the Government of Kuwait, but nevertheless enjoys a distinct legal the Government of Kuwait, but nevertheless enjoys a distinct legal the Government of Kuwait, but nevertheless enjoys a distinct legal existence.

in identical circumstances, this Tribunal has 4.3 We find that in identical circumstances this Tribunal has consistently held, in the assessee’s own case for earlier assessment consistently held, in the assessee’s own case for earlier assessment consistently held, in the assessee’s own case for earlier assessment resident corporate entity. years, that KIA is to be treated as a s to be treated as a non-resident corporate entity The learned CIT(A), in the impugned order, has followed these The learned CIT(A), in the impugned order, has followed these The learned CIT(A), in the impugned order, has followed these binding precedents after an elaborate examination of the legal binding precedents after an elaborate examination of the legal binding precedents after an elaborate examination of the legal

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position and factual matrix. The learned CIT(A) has recorded position and factual matrix. The learned CIT(A) has recorded position and factual matrix. The learned CIT(A) has recorded detailed findings after considering: after considering:

 the statutory constitution of KIA under Kuwaiti law; the statutory constitution of KIA under Kuwaiti law; the statutory constitution of KIA under Kuwaiti law;  the definitions of “person” and “company” under sections 2(31) the definitions of “person” and “company” under sections 2(31) the definitions of “person” and “company” under sections 2(31) and 2(17) of the Act; and 2(17) of the Act;  judicial interpretations of the expression “body corporate”; judicial interpretations of the expression “body corporate”; judicial interpretations of the expression “body corporate”;  the decision of the Tribunal in the decision of the Tribunal in Royal Jordanian Airlines Jordanian Airlines (supra); and  the consistent treatment accorded to the assessee in earlier the consistent treatment accorded to the assessee in earlier the consistent treatment accorded to the assessee in earlier and subsequent assessment years, including orders of this and subsequent assessment years, including orders of this and subsequent assessment years, including orders of this Tribunal and rectification orders passed by the Assessing Tribunal and rectification orders passed by the Assessing Tribunal and rectification orders passed by the Assessing Officer himself.

4.4 The learned CIT(A) has als The learned CIT(A) has also taken note of the o taken note of the Tax Residency Certificate, wherein the assessee is described as a wherein the assessee is described as a wherein the assessee is described as a Government Corporate Body, and of the fact that even where the Assessing , and of the fact that even where the Assessing , and of the fact that even where the Assessing Officer had once treated the assessee as a non Officer had once treated the assessee as a non-corporate entity, the corporate entity, the same was subsequently rectif same was subsequently rectified under section 154 of the Act by ied under section 154 of the Act by following the Tribunal’s orders. following the Tribunal’s orders. The relevant finding relevant finding of ld CIT(A) is reproduced as under: reproduced as under:

8.10 Thus, considering the totality of the facts, the TRC placed on 8.10 Thus, considering the totality of the facts, the TRC placed on 8.10 Thus, considering the totality of the facts, the TRC placed on the record by the appellant and ITAT's decision in the record by the appellant and ITAT's decision in the record by the appellant and ITAT's decision in appellant's own case determining its status as a Corporate Entity, the own case determining its status as a Corporate Entity, the own case determining its status as a Corporate Entity, the AO/CPC is directed to treat KIA as a non AO/CPC is directed to treat KIA as a non-resident corporate resident corporate entity even for the AY 2023 entity even for the AY 2023-24. Accordingly, the Ground No.3 of 24. Accordingly, the Ground No.3 of the appellant is treated as Allowed. the appellant is treated as Allowed.”

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4.5 It is well settled It is well settled that although the principle of res judicata res judicata does not strictly apply to income not strictly apply to income-tax proceedings, the tax proceedings, the principle of consistency demands that where facts and circumstances remain demands that where facts and circumstances remain demands that where facts and circumstances remain unchanged, a view consistently taken in earlier years should not be unchanged, a view consistently taken in earlier years should not be unchanged, a view consistently taken in earlier years should not be departed from without cogent reasons. No material has been without cogent reasons. No material has been without cogent reasons. No material has been brought on record by the Revenue to demonstrate any change in brought on record by the Revenue to demonstrate any change in brought on record by the Revenue to demonstrate any change in facts or law warranting a departure from the settled position. facts or law warranting a departure from the settled position. facts or law warranting a departure from the settled position.

4.6 The mere fact that the PAN was originally obtained in the The mere fact that the PAN was originally obtained in the The mere fact that the PAN was originally obtained in the status of a trust cannot status of a trust cannot override the substantive legal character substantive legal character of the assessee as determined on the basis of its constitution, the assessee as determined on the basis of its constitution, the assessee as determined on the basis of its constitution, statutory framework, and binding judicial precedents. Procedural or statutory framework, and binding judicial precedents. Procedural or statutory framework, and binding judicial precedents. Procedural or administrative descriptions cannot prevail over substantive rights administrative descriptions cannot prevail over substantive rights administrative descriptions cannot prevail over substantive rights and legal realities.

4.7 In view of the foregoing discussion, and respectfully following In view of the foregoing discussion, and respectfully following In view of the foregoing discussion, and respectfully following the decisions of the Coordinate Benches in the assessee’s own case, the decisions of the Coordinate Benches in the assessee’s own case, the decisions of the Coordinate Benches in the assessee’s own case, we find no infirmity no infirmity in the order passed by the learned CIT(A) in the order passed by the learned CIT(A) treating the assessee as a treating the assessee as a non-resident corporate e resident corporate entity. The grounds raised by the Revenue are accordingly dismissed. grounds raised by the Revenue are accordingly dismissed. grounds raised by the Revenue are accordingly dismissed.

Order pronounced in the open Court on ounced in the open Court on 30/01/2026. /01/2026. Sd/- Sd/- Sd/ (SANDEEP SINGH KARHAIL (SANDEEP SINGH KARHAIL) (OM PRAKASH KANT OM PRAKASH KANT) JUDICIAL MEMBER JUDICIAL MEMBER ACCOUNTANT ACCOUNTANT MEMBER

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Mumbai; Dated: 30/01/2026 Rahul Sharma, Sr. P.S. Copy of the Order forwarded to Copy of the Order forwarded to : 1. The Appellant 2. The Respondent. 3. CIT 4. DR, ITAT, Mumbai 5. Guard file.

BY ORDER, BY ORDER, //True Copy// (Assistant Registrar) (Assistant Registrar) ITAT, Mumbai ITAT, Mumbai