In the result ground No. 2 and 3 of the appeal of the assessee is allowed
Bench: Shri H.S.Sidhu & Shri Prashant Maharishiram Mohan Rai, Vs. Acit, A-8/25, Vansant Vihar, Circle-33(1), New Delhi New Delhi Pan:Aaapr0728C (Appellant) (Respondent)
reassessment proceedings. The learned counsel placed reliance on the decision of the Punjab & Haryana High Court in the case of Pawan Arya v. CIT[2011] 11 taxmann.com 312/200 Taxman 66 (Mag.), and the decision of the ITAT - Mumbai in Narender Khubchandani v. ITO [IT Appeal No. 238 (Mum.) of 2011, dated 17-12-2014]. Under these facts, after considering