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2022 (12) TMI 177 - AT - Income TaxDisallowance u/s.40A(2)(a) - property purchase transaction between assessee and son, who is the managing director of the assessee company - fair market value of the property - HELD THAT:- As noted that the payment made for purchase of land is fair market value of land and none of the authorities below have considered this issue whether payment made is excessive or unreasonable in term of section 40A(2)(a) - Once the payment made is found to be reasonable in term of the perspective of businessman, unless a contrary finding given by the authorities below, the addition cannot be sustained. Accordingly, we allow this issue of assessee’s appeal.
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