https://www.taxtmi.com/caselaws?id=768927 ITAT Delhi dismissed revenue's appeal regarding unaccounted income addition of Rs.3,75,00,000 based on property sale agreement found during search. The agreement between assessee and buyer was deemed a "dumb document" with no legal effect since property belonged to RD Finlease Ltd, not assessee personally. Assessee had sold company shares at higher than fair market value during relevant year. ITAT upheld CIT(A)'s deletion of addition, noting the MOU was neither acted upon nor legally enforceable, and share transfer doesn't constitute property transfer per Bhoruka Engineering precedent. en-us Tue, 12 Nov 2024 00:00:00 +0530 Wed, 16 Apr 2025 08:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768927 ITAT Delhi dismissed revenue's appeal regarding unaccounted income addition of Rs.3,75,00,000 based on property sale agreement found during search. The agreement between assessee and buyer was deemed a "dumb document" with no legal effect since property belonged to RD Finlease Ltd, not assessee personally. Assessee had sold company shares at higher than fair market value during relevant year. ITAT upheld CIT(A)'s deletion of addition, noting the MOU was neither acted upon nor legally enforceable, and share transfer doesn't constitute property transfer per Bhoruka Engineering precedent. Case-Laws Income Tax Tue, 12 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768927