"\\lim_{y\\rightarrow0} \\lim_{x\\rightarrow0} \\dfrac {y-x} {y+x}\\cdot \\dfrac {1+x^2}{1+y^2}=\n \\lim_{y\\rightarrow0} 1\\cdot \\dfrac {1}{1+y^2}=1"
"\\lim_{x\\rightarrow0} \\lim_{y\\rightarrow0} \\dfrac {y-x} {y+x}\\cdot \\dfrac {1+x^2}{1+y^2}=\n \\lim_{x\\rightarrow0} -1\\cdot \\dfrac {1+x^2}{1}=-1"
The repeated limits don`t coincide so the simultaneous limit doesn`t exist
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