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2015 (9) TMI 739 - ITAT MUMBAIAddition invoking section 69B - unaccounted investment - CIT(A) deleted the addition - Held that:- Assessing Officer did not have any clinching evidence to suggest that the assessee has paid any consideration for purchase of property over and above the stated consideration. The reference made by the Assessing Officer to the value determined by the stamp valuation authority for the purposes of payment of stamp duty cannot be taken as an evidence to demonstrate that assessee has actually paid any consideration over and above the stated consideration. The reference by the Assessing Officer to valuation contemplated by the lender i. E. HDFC Ltd. is also of no consequence vis-à-vis the controversy before us, in as much as the valuation by HDFC Ltd. is for its own purpose of examining the feasibility of lending money to the assessee for acquisition of the said property. Furthermore, a valuation report, by its very nature, is only an estimation of value, and, at best can be a source for further enquiries but the valuation report by itself cannot be construed as an evidence which establishes understatement of purchase consideration. DVO’s estimation of fair market value cannot be accepted as a conclusive evidence for establishing that any additional consideration over and above the stated consideration has passed between a buyer and seller. See Commissioner of Income-tax Versus Dinesh Jain HUF [2012 (10) TMI 158 - DELHI HIGH COURT] and CIT vs. Berry Plastics P. Ltd. [2013 (8) TMI 9 - GUJARAT HIGH COURT ]. In so far as limb of the Assessing Officer’s stand relating to the 55 Nos. car parking slots is concerned, we find that the assessee had clarified before the Assessing Officer also that parking slots were purchased as additional amenity in terms of the purchase deed itself and no separate consideration has been paid for the same. The aforesaid plea of the assessee is found to be in tune with the contents of the purchase agreement dated 24/3/2009, copy of which has also been placed before us in the Paper Book. Therefore, we find no error on the part of CIT(A) in negating the aforesaid stand of the Assessing Officer. Amar Kumari Surana (1996 (5) TMI 36 - RAJASTHAN High Court) does not apply to the facts of the present case. - Decided against revenue.
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