Circle3(3)(1), 56, Motech House, Room No. 609, Aayakar Bhavan, Mogra Village Lane Off Old M.K. Road, Mumbai. Nagardas Road, (Appellant) Andheri East, Mumbai. PAN : AACCM0039Q (Respondent/Cross Objector) Assessee by : Shri F.V. Irani, & Shri Devesh Vasavada Revenue by : Smt. Sanyogita Nagpal & Ms. Mahita Nair, Sr.DR Date of Hearing : 31/05/2024 Date of Pronouncement : 28/08/2024 ORDER PER B.R. BASKARAN, A.M : The appeals filed by the Revenue and the cross objections filed by the assessee for assessment years 200607 and 200708 are directed against the orders passed by Ld CIT(A)57, Mumbai. Since the issues contested in these appeals arise out of common set of facts, they were heard together and are being disposed of by this common order. 1 2 Motech Software Pvt. Ltd., 2. In the cross objection, the assessee is challenging the validity of reopening of assessment of both the years under consideration. 3. In the appeal filed by the revenue for assessment year 200607, following grounds of appeal have been raised: "1. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in deleting addition of Rs. 1858, 79, 48, 919/ made as 'Unexplained Investment u/s.69 & 69A' in the hands of the assessee company without appreciating the fact that the information in the form of Base Documents provided by the Government of France to the Government of India under the Exchange of Information under DTAA between India and France clearly indicate that the assessee, as beneficial owner, is holding unexplained investment/deposits in the bank accounts maintained with HSBC Bank, Geneva in the names of (i) Infrastructure Company Ltd, (ii) HRJ Holdings NV and (iii) Aberdeen Enterprises NV aggregating to Rs.1858, 79,48,919/. 2. The Ld. CIT(A) erred in deleting the above addition by not taking cognizance of / the fact that the information received from the Government of France under DTAA ' is authentic and the same matched with the information received from the Swiss Banks and competent authorities of Foreign governments to the extent that the entities mentioned in the information received were holding Bank accounts in the HSBC Bank, Geneva and therefore, the AO had rightly relied on this information for making the addition. 3. The CIT(A) erred in holding that the assessee company is not a beneficiary or beneficial owner of the assets in the Bank accounts with HSBC Bank held by the foreign entities, including Aberdeen Enterprises, HRJ Holdings NV and Infrastructure Company Limited and that Mr. James Walfenzao is the true owner / beneficiary of the deposits in the Bank accounts without appreciating the structure of Capital Investment Trust as evident from the Trust deed and contents of other documents. viz: Mandate Agreement dated 24.10.2003 and addendums thereto and letter of Mr. James Walfenzao dated 08.07.2011 to HSBC Bank, Geneva received from Government of Netherland, Curacao, according to which the assessee was made as a beneficial owner in the Bank Accounts of entities including (i) Infrastructure Company Ltd, (ii) HRJ Holdings NV and (iii) Aberdeen Enterprises NV but in this letter he was only trying to correct the records of the Bank which is nothing but an afterthought. 4. The CIT(A) erred in not appreciating that the internal note dated. 3