https://www.taxtmi.com/caselaws?id=286000 The ITAT allowed the appeal of the assessee, deleting the addition made under section 40A(2)(b) of the Income-tax Act. The excessive payment for land purchase from a director was deemed justified based on market conditions and business needs, with the fair market value found to be higher than the stamp duty valuation. en-us Fri, 08 Mar 2019 00:00:00 +0530 Fri, 07 Feb 2020 09:41:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286000 The ITAT allowed the appeal of the assessee, deleting the addition made under section 40A(2)(b) of the Income-tax Act. The excessive payment for land purchase from a director was deemed justified based on market conditions and business needs, with the fair market value found to be higher than the stamp duty valuation. Case-Laws Income Tax Fri, 08 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286000