SNEREA PROPERTIES PVT. LTD. vs ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -18

Judgment text excerpt

$~3 & 4 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision : 09.07.2025 (3) + ITA 176/2025 & CM APPL. 39611/2025, CM APPL. 33463/2025 SNEREA PROPERTIES PVT. LTD. .....Appellant Through: Mr. Gautam Jain, Mr. Shaantanu Jain, Mr. Manish Yadav, Advocates. versus ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -18 .....Respondent Through: Mr. Siddhartha Sinha, Sr. Standing Counsel. (4) + ITA 177/2025 & CM APPL.33522/2025, CM APPL.39610/2025 SHREY PROPERTIES PVT. LTD. .....Appellant Through: Mr. Gautam Jain, Mr. Shaantanu Jain, Mr. Manish Yadav, Advocates. versus ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-18 .....Respondent Through: Mr. Siddhartha Sinha, Sr. Standing Counsel. CORAM: HON'BLE MR. JUSTICE VIBHU BAKHRU HON'BLE MR. JUSTICE TEJAS KARIA VIBHU BAKHRU, J. (ORAL) 1. Issue notice. Signature Not Verified Signed By:NEELAM ITA 176/2025 & ITA 177/2025 Page 1 of 9 SHARMA Signing Date:14.07.2025 15:15:35 2. The learned counsel for the Revenue accepts notice. 3. The Assessees have filed the respective appeals under Section 260A of the Income Tax Act, 1961 [the Act] impugning an order dated 19.01.2025 passed by the learned Income Tax Appellate Tribunal [ITAT] in ITA No. 5181/Del/2017 captioned Assistant Commissioner of Income Tax v. Snerea Properties Private Limited and ITA No. 5182/Del/2017 captioned Assistant Commissioner of Income Tax v. Shrey Properties Private Limited. 4. The Revenue had preferred the said appeals against separate orders passed by the Commissioner of Income Tax (Appeals) 27 [CIT(A)] in the respective appeals preferred by the Assessees against separate assessment orders dated 29.12.2016 passed under Section 143(3)/147 of the Act. 5. During the search proceedings conducted in the case of Aerens Group of Companies, a Memorandum of Und