M/S WF ASIAN SMALLER COMPANIES FUND LIMITED,MUMBAI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION CIRCLE 4(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.459/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2013-14) M/S. Wf Asian Smaller बिधम/ Acit, Circle-4(3)(2) Companies Fund Ltd Room No. 1611, 16Th Vs. C/O Ankul Goyal, Azb & Floor, Air India Building, Partners A8, Sector-4, Nariman Point, Mumbai- Noida 201301. 400021. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaacw5648R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Deepak Chopra/Ankul Goyal Revenue By: Shri Soumedu Kumar Dash (Sr. Dr) सुनवाई की तारीख / Date Of Hearing: 28/03/2023 घोषणा की तारीख /Date Of Pronouncement: 23/06/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Passed By The Ao Dated 19.01.2023 U/S 147 R.W.S 144C(13) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Pursuant To The Direction Issued By The Ld. Dispute Resolution Panel (Drp) For Ay. 2013-14. 2. The Assessee Has Raised The Legal Issue Challenging The Action Of The Ao To Have Reopened The Original-Scrutiny-Assessment U/S 143(3) Of The Act, After Four (4) Years [From The End Of The Relevant Assessment Year] Without Satisfying The Additional Condition Precedent As Prescribed In The Proviso To Section 147(1) Of The Act. Since The Assessee Has Raised The Legal Issue Assailing The Jurisdiction Of Ao To Have Issued Notice U/S 148 Of The Act, Proposing Re-Opening Of The Original Assessment [Framed Under Scrutiny Under Section 143(3) Of The Act], We Will Adjudicate It First. For Appreciating The Legal Issue, Let Us

Capital Gain has resulted in excessive loss being allowed. And for arriving at such a conclusion that income of assessee has escaped assessment, AO has taken the aid of Explanation 2- (c) (iv) to section 147 of the Act. On the strength of this reason recorded, AO thereafter issued notice u/s 148

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S HAZEL MERCANTILE LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S HAZEL MERCANTILE LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

JT. CIT (OSD) CENTRAL CIRCLE 5(1), MUMBAI vs. M/S NITI NITINKUMAR DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITI NITINKUMAR DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITI NITINKUMAR DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

HAZEL MERCANTILE LTD,MUMBAI vs. DCIT CC 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

HAZEL MERCANTILE LTD,MUMBAI vs. DCIT CC 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

HAZEL MERCANTILE LTD.,MUMBAI vs. DCIT , CC- 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

HAZEL MERCANTILE LTD,MUMBAI vs. DCIT CC 5(1), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITIN KUMAR DINDAYAL DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITIN KUMAR DINDAYAL DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective

JT. CIT(OSD)CENTRAL CIRCLE-5(1), MUMBAI vs. M/S NITIN KUMAR DINDAYAL DIDWANIA, MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm Sr No Ita/ Co. No. Appellant/ Cross Respondent Objector 1 Jt. Commissioner Of Nitin Kumar 2093/Mum/2019 Income (Osd) Tax, Dindayal Didwania (A.Y. 2011-12) Central Circle 5(1), 172, Kshitij Room No. 1926, 19Th 2094/Mum/2019 Vs. Building, 47, (A.Y. 2012-13) Floor, Air India Napean Sea Road, Building, Mumbai-400 036 2095/Mum/2019 Nariman Point, (A.Y. 2014-15) Mumbai-400 021 5 Pan No.Aacpd7055J 6 Co No. 29/Mum/2021 (Arising Out Of Ita No.2092/Mum/2019 For A.Y. 2010-11) 7 Co No. 30/Mum/2021 Jt. Commissioner (Arising Out Of Ita Of Income (Osd) No.2093/Mum/2019 Nitin Kumar Tax, For A.Y. 2011-12) Dindayal Didwania 8 Co No. 32/Mum/2021 Central Circle (Arising Out Of Ita 172, Kshitij Building, Vs. 5(1), No.2094/Mum/2019 47, Napean Sea Room No. 1926, For A.Y. 2012-13) Road, Mumbai-400 19Th Floor, Air 9 Co No. 34/Mum/2021 036 India Building, (Arising Out Of Ita Nariman Point, No.2095/Mum/2019 Mumbai-400 021 For A.Y. 2014-15) 10 Co No. 38/Mum/2021 (Arising Out Of Ita No.2096/Mum/2019 For A.Y. 2015-16)

148 of the act which was also resulted into an assessment passed under section 143 (3) read with section 147 of the income tax act at ₹ 31,574,830. Subsequently, re-assessment order was challenged before the CIT – A wherein as per order dated 14/7 /2016 the additions were deleted. 042. Subsequently on account of search on 10/9/2015, respective