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2018 (9) TMI 1457 - AT - Income TaxCapital Gain addition - addition on the basis of difference between sale proceeds declared by the assessee and the sale proceeds taken by the AO on the basis of valuation report of DVO - Held that:- We are convinced with the arguments of Ld. AR, basing on the decisions reported in CIT vs. Puneet Sabherwal [2010 (12) TMI 846 - DELHI HIGH COURT] that no addition can be made merely on the basis of valuation report and fair market value cannot be substituted for actual consideration received. Commissioner of Income Tax (Appeals) rightly followed the binding precedents. Inasmuch as the Ld. CIT(A) basis is a decision on the binding precedent, which binds this Tribunal equally, we find it difficult to hold that the impugned order is either illegal or regular. By no stretch of imagination could it be said that such findings of the Ld. CIT(A) are perverse or liable to be set-aside. We, therefore, do not find any merits in this appeal and the appeal is liable to be dismissed. Appeal is accordingly dismissed.
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