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2017 (6) TMI 1049 - HC - Income TaxAddition made u/s 69B - comparable prevailing rates of the properties of the same locality and the valuation report of the said property obtained from the DVO as per Section 55A ignored by Tribunal deleting the addition - Held that:- As observed by the Tribunal that the comparable sales instances produced on record are of commercial properties and the property in question is a residential flat. The explanation given by the assessee has been considered by the Tribunal. The assessee has given explanation that after 1981, the said property was lying vacant, the property was ill-reputed inasmuch as the Municipal Corporation had issued notice under Section 52 of the MRTP Act for illegal possession. The agreement of sale is also produced on record. The initial burden is upon the Revenue. The explanation given by the assessee is required to be considered objectively. The Tribunal has also held that the explanation given by the assessee is a plausible explanation. Tribunal has arrived at a reasonable and plausible conclusion. No substantial question of law arises.
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