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2020 (9) TMI 664 - AT - Income TaxAddition on account of valuation of a property - assessee jointly purchased the commercial property having 1/6th share along with the other five co-owners - Addition on the basis of the DVO’s report - HELD THAT:- Rate adopted in the DVO’s report at ₹ 77,640/- per sq. mtr is without any basis. Our attention has also been drawn towards the Preliminary valuation report by the DVO, whose copy has been made available at page 5 onwards of the Paper Book. Annexure-2 to the said report refers to seven comparable sale instances with per sq. mtr sale rate at ₹ 84,859/-, ₹ 57,498/-, ₹ 63,223/-, ₹ 56,740/-, ₹ 71,443/-, ₹ 59,613/- and ₹ 41,130/- . In the absence of any elaboration of the rate adopted by the DVO in his final report, we consider it expedient to restrict the fair market value rate at the average of the seven sales instances given in the Preliminary report, which comes to ₹ 62,073/-. Assessing Officer is directed to adopt this as per sq. mtr. fair market rate and then work out addition, if any, u/s 56(2)(vii) of the Act accordingly. The impugned order is set-aside to this extent.
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