2019 (4) TMI 1768

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....i R. Mohan Kumar ORDER PER P. MADHAVI DEVI, J.M.: This is assessee's appeal for the A.Y 2008-09 against the order of the CIT(A)-3, Hyderabad dated 09.12.2016. 2. Brief facts of the case are that the assessee company, engaged in the business of purchase and sale of plots, filed its return of income which was initially processed u/s 143(3) of the Act on 24.12.2010 determining the total i....

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....aid expenditure, it has claimed to have purchased seven properties of the value of 1,06,83,000/- as against the purchase value of sale deeds aggregating to Rs. 15,83,000/-. The assessee was therefore, asked to furnish the confirmation letters from the said seven land owners as to the actual consideration received by them in respect of the properties sold by them. The assessee furnished the receipt....

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....yments of extra amounts directly to the land owners but part of the payments were claimed to have been made towards adjustment of payment made to other persons, he did not allow the difference of the amount claimed by the assessee and the amount recorded in the sale deeds. Aggrieved, the assessee preferred an appeal before the CIT(A), who confirmed the order of the A.O and the assessee is in secon....

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.... not to have doubted the payments made to the parties. He also submitted that this is the only property purchased by the assessee and therefore the payments made to the land owners are towards purchase of the land as is evidenced by the receipts issued by them and also the cheque payments. Therefore, according to him, no disallowances ought to have been made by the A.O and confirmed by the CIT(A).....