2026 (1) TMI 830

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....the application seeking condonation of delay, the same is allowed. The delay of 43 days in filing the appeal is condoned. 4. The application stands disposed of. ITA 10/2026 5. The present appeal has been preferred under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'the Act of 1961') against the order dated 10.05.2025, passed by the Income Tax Appellate Tribunal Delhi Bench "A", Delhi (hereinafter referred to as 'ITAT') in an appeal filed by the appellant-Income Tax Department. Said appeal was heard along with the cross-objections which were filed by the respondent-assessee. 6. The issue involved in the present case is in relation to some transactions, which took place between the respondent and a broker, ....

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....ent order was unsustainable. 10. Against the above referred order of the CIT(A) dated 08.07.2024, the appellant-Income Tax Department preferred an appeal and the respondent-assessee had preferred cross objections which were heard together by the ITAT. The ITAT in the appeals before it held that the AO had not recorded any finding relating to the particular transactions and has passed an order on the basis of sweeping information which was supplied by the SFIO. 11. In the impugned order dated 30.05.2025, the ITAT has also recorded a finding that the proceedings for reassessment itself were without jurisdiction as no income had escaped assessment and the respondent-assessee had offered the income for tax and paid tax at the highest appl....