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2017 (12) TMI 355 - AT - Income TaxUnaccounted investment u/s 69B - fair market price/value of the property for the purpose of section 69B - Held that:- Since it is an issue of determination of the fair market value of the plots of land in question and it is apparent from the facts and chain of events as discovered from the search and seizure action and emerged from the documents disclosing the earlier agreements to sell of these plots of land that difference between the sale consideration agreed upon between the parties in the agreement dated 28.03.2013 and the sale consider for which the assessee purchase the property vide sale deed dated 07.05.2014 is ₹ 4.66 crores which is more than the twice of the sale consideration paid by the assessee. The assessee has not brought on record any facts or circumstances to show that the value of the property has depreciated during the period from 28.03.2013 to 07.05.2014 and further the fair market price of this property is less than the prevailing price due to certain disadvantages attached to this property. Therefore so far as the action of the AO to invoke the provisions of section 69B is concerned, it is proper on the part of the AO to invoke these provisions if the AO is satisfied that the investment made by the assessee is much more than it has shown in the books of accounts. Thus this matter requires a proper verification and examination at the level of the AO for determining the fair market price/value of the plot of land in question. Since the valuation of the property is a subject matter of the experts in the field, therefore, Assessing Officer ought to have got the valuation from the expert/DVO.
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