2007 (9) TMI 258

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....l under section 260A of the Income-tax Act, 1961 ("the Act"), the Revenue is aggrieved by an order dated February 28, 2007, passed by the Income-tax Appellate Tribunal ("the Tribunal"), Delhi Bench "D", New Delhi, in ITA No. 4787/Del/2004, relevant for the assessment year 1996-97. 2. The assessee was originally assessed under section 143(3) of the Act on March 31, 1999, on a total income of Rs.....

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....turned income of the assessee was accepted by the Assessing Officer and the speculative loss was allowed to be set off against the business income of the assessee. I have, therefore, reason to believe that income to the extent of Rs. 15,07,070 has escaped assessment for the assessment year 1996-97." 3. According to the assessee, the entire material had been disclosed to the Assessing Officer wh....

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....ord by the assessee clearly showed that it has three divisions: a leasing division, an interior division and an equity division. Complete details of the sale and purchase of shares and the comparative figures of the earlier years had been given by the assessee to the Assessing Officer. It had been indicated by the assessee that out of the total income of Rs. 3.55 crores, the income from sale of sh....