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2019 (4) TMI 1768 - ITAT HYDERABADDisallowing the additional payments as made to land owners for the purpose of acquiring stock-in-trade - HELD THAT:- We find that the assessee has filed two paper books, one paper book containing the copies of sale deeds of the land purchased by the assessee from the seven parties and the second paper book containing the receipts from sellers for land payments, return and computation of income, profit and loss account, balance sheet and bank statements showing the payment details. After going through these documents, we are convinced that all the payments are made by cheques and therefore the identity and genuineness of the transaction is proved. We find that the assessee’s contention that the assessee has not purchased any other land is also worth considering to accept that the assessee has made the payments to the land owners / vendors over and above the sale consideration recorded in the registered sale deeds. We are of the opinion that the addition ought not to have been made. Accordingly we delete the addition.
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