https://www.taxtmi.com/caselaws?id=753125 ITAT Delhi held that addition u/s 68 for undisclosed income was unjustified. The assessee was a partner in a financial services firm. During search operations, a bank locker key was found but no incriminating material was discovered. The AO made additions alleging unexplained transactions regarding share sales. However, ITAT distinguished this case from precedents involving share application money, noting the assessee had sold existing investments, not received unexplained funds. Since the original investment was accepted in earlier assessment years and the department didn't dispute the initial investment, the addition was deleted. The assessee's appeal was allowed. en-us Wed, 22 May 2024 00:00:00 +0530 Fri, 24 May 2024 10:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753125 ITAT Delhi held that addition u/s 68 for undisclosed income was unjustified. The assessee was a partner in a financial services firm. During search operations, a bank locker key was found but no incriminating material was discovered. The AO made additions alleging unexplained transactions regarding share sales. However, ITAT distinguished this case from precedents involving share application money, noting the assessee had sold existing investments, not received unexplained funds. Since the original investment was accepted in earlier assessment years and the department didn't dispute the initial investment, the addition was deleted. The assessee's appeal was allowed. Case-Laws Income Tax Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753125