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2019 (12) TMI 142 - ITAT DELHIUnexplained investment u/s 69 - HELD THAT:- It is an established fact that nothing incriminatory was found in respect of the property purchased by the assesses during the search. Further, there is no evidence on record to show that the property at A-25/9, Kachnar Marg is similar in all respect of the property purchased by assessee. There in nothing wrong in the CIT(A) believing the confirmation issued by the Axis Bank that the property was provided as a collateral security and for such purpose, the valuation was done by M/s M.L.Aggarwal/Arun Aggarwal at higher price. Revenue failed to bring on record any material assailing the correctness of the findings of the ld. CIT(A) on this aspect. In so far as the valuation report of M/s M.L.Aggarwal/Arun Aggarwal cannot be a yardstick for the purpose of determination of the proper value is concerned, findings of the learned CIT(A) are legal and do not invite any interference. On this premise, we dismiss the grounds of appeal of the revenue. Now coming to the grievance of assesses that the purpose of submitting copy of sale deed of the adjoining plot at 3, Round No. G-4, DLF-1 at the rate of ₹ 20,460/- per sq. was only to demolish the contention of the AO as to the higher valuation but not to establish the valuation of the property purchased by the assesseee at ₹ 20,000/- per sq. Mt. We find some force in this submission made by the assesses because the property purchased by them is altogether different from the property covered by such sale deed which shows the value of the property at plot No.3 at ₹ 20,460/- per sq. Mt. Further, the valuation report of the property dated 1.12.2011 shows the same at ₹ 18,200/- per sq. Mt. Out of these two documents learned CIT(A) had taken the one which shows higher price. There is no reason for the CIT(A) to choose that particular document when the other one is also available. Difference in the value of the property purchased by assesses and the adjoining one, we are inclined to accept the contention of the assessees. We, therefore, direct the AO to delete the addition of ₹ 8 lacs each also. As such appeals of ground of assesses appeals are allowed.
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