2019 (10) TMI 1130

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... B NARASIMHA SARMA ORDER: (Per the Hon'ble Sri Justice M.S.Ramachandra Rao) This Appeal is fled by the Revenue challenging the order dt.18.04.2019 in ITA.No. 489/Hyd/2017 of the Income Tax Appellate Tribunal, Hyderabad Bench-B, Hyderabad and it relates to the assessment year 2008-09. 2. The assessee is a Company engaged in the business of purchase and sale of plots. It filed return of ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....5. Thereafter, proceedings were taken up by the Assessing Officer and the Assessing Officer passed a fresh order of assessment taking the view that the assessee had only filed copies of receipts said to have been given while making purchases and was unable to prove that they were towards the acquisition of the property only. He also recorded that the land owners were not available at the addresses....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d therefore the identity and genuineness of the transactions was proved. It also recorded that the assessee's contention that the assessee had not purchased any other land and it therefore accepted assessee's case that it made payments to the land owners/vendors over and above the sale consideration recorded in the sale deeds and held that addition therefore ought not to have been made. 8. Assa....