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2022 (7) TMI 812 - ITAT CHENNAIAddition u/s 69B - investment not fully disclosed as per loose sheets impounded from the residence of the assessee - survey proceedings u/s 133A - excel statement which was in the process of preparation on a Cut, Copy, Past mode, taken as a print out from the computer of the Assessee in survey proceedings relied - HELD THAT:- Admittedly, the ld. CIT(A) has not given any cognizance over the impounded materials from the residence of the assessee, which was the base for assessing the purchase consideration at ₹.1,15,29,000/- by the Assessing Officer by adopting per acre cost at ₹.5.40 lakhs. It is also an admitted fact that the Assessing Officer has failed to summon the seller under section 133(6) of the Act to verify the actual sale consideration received by him or verified seller’s return of income or recorded any statement of the seller. On perusal of the orders of authorities below, the assessee has purchased for himself 16.075 acres of land and arranged four of his friends to purchase a large extent of 354.185 acres for a sale consideration of ₹.5.40 lakhs per acre, we are of the opinion that there is every possibility of getting much lesser price for assessee’s portion even book value. In the absence of any verification from the seller under section 133(6) of the Act as well as seller’s return of income and ignorance of impounded materials from the residence of the assessee by the ld. CIT(A) and also absence of referring to DVO for determining the FMV, we direct the Assessing Officer to adopt stamp duty value of the SRO as actual purchase consideration per acre. Thus, the ground raised by the assessee is allowed.
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