Nimbus Projects Ltd Subsidiary's Reassessment Proceedings Held Invalid, Addition of Rs.26.60 Crore Deleted

Nimbus Projects Ltd announced that the reassessment proceedings against its material subsidiary, N.N. Financial Services Private Limited, have been held invalid by the Income Tax Officer, Ward 18(1), Delhi. The reassessment order, dated May 30, 2023, had made additions of Rs.26.60 Crore for the Assessment Year 2013-14. However, the material subsidiary challenged the proceedings before the Hon’ble Delhi High Court, which directed the Assessing Officer to re-examine the matter. The Assessing Officer, vide order dated March 05, 2026, completed the assessment proceeding under Section 147 of the Act for A.Y. 2013-14 and found the proceedings to be not valid in the light of the judgement of the Hon’ble High Court of Delhi. Consequently, the addition of Rs.26.60 crore has been deleted, revising the assessed income to Nil.