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2019 (11) TMI 1231 - AT - Income TaxAddition invoking the provisions of section 56(2)(vii)(b)(ii) - assessee had purchased a flat in housing board colony - HELD THAT:- Admittedly, the property has been purchased by the assessee vide sale deed dated 07.01.2016. The Purchase Deed placed at pages 20 to 30 of paper book, clearly shows that the property is in block 156, Jayanth colony, 20th Main road, Anna Nagar scheme, Chennai. The sale deed is not a subject matter of re-valuation of the Sub-Registrar, nor is there any allegation of low stamp duty in respect of the said property by the Sub-Registrar. Guideline value listed shows that in respect of Jayanth colony specific guideline value has been fixed by the Government. The purchase deed shows the specific prescribe value. In respect of 20th Main Road also, there is a guideline value fixed by the Government. There is a specific guideline value fixed by the Government in respect of specific colony or flat, just because the said colony or flat is adjacent to a road, which has a higher guideline value, the higher value cannot be adopted for the purpose of making an addition by invoking the provisions of section 56(2)(vii)(b)(ii). Addition made by the AO is unsustainable in so far as the sale deed has been executed at the value as prescribed by the Government in respect of Jayanth colony itself. This being so, the addition made by the Assessing Officer and confirmed by the ld.CIT(A) stands deleted. Appeal of the assessee is allowed.
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