https://www.taxtmi.com/caselaws?id=431060 The Tribunal allowed the assessee's appeal for assessment years 2014-15 and 2015-16, ruling that the payment for land purchase was in accordance with fair market value. The addition made by the Assessing Officer under section 40A(2)(a) was disallowed as authorities failed to prove the payment was excessive or unreasonable. The Tribunal found no justification for the addition and held in favor of the assessee, overturning the Commissioner of Income Tax (Appeals) decision. en-us Fri, 18 Nov 2022 00:00:00 +0530 Sat, 03 Dec 2022 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431060 The Tribunal allowed the assessee's appeal for assessment years 2014-15 and 2015-16, ruling that the payment for land purchase was in accordance with fair market value. The addition made by the Assessing Officer under section 40A(2)(a) was disallowed as authorities failed to prove the payment was excessive or unreasonable. The Tribunal found no justification for the addition and held in favor of the assessee, overturning the Commissioner of Income Tax (Appeals) decision. Case-Laws Income Tax Fri, 18 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431060