AO Classifies Land Transaction Surplus as Profit; CIT(A) Deemed Unjustified in Evidence Conclusion; No Extra Tax Levied.

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....AO treated the surplus as profit of assessee for the reason that, the land in question is stock-in trade and not investment. That being the case, CIT(A) is not justified to concluded that assessee has failed to produce any evidence with regard to payment made to various persons - No addition - AT....