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TMI Blog2019 (11) TMI 1231X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent by: Mr. AR.V. Sreenivasan, JCIT, D.R ORDER PER GEORGE MATHAN, JUDICIAL MEMBER This is an appeal filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-9, Chennai in ITA No.23/C.I.T(A)-9/2018-19 dated 27.06.2019 for the assessment year 2016-17. 2. Mr.R.Vijayaraghavan represented on behalf of the Assessee and Mr.AR.V.Sreenivasan represented on behalf of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 20th Main road, which was shown at 12,000/- per sq.ft and consequently, invoked the provisions of section 56 of the Act and had made an addition by applying the provisions of section 56(2)(vii)(b)(ii) of the Act and determined the value of property at Rs. 61,16,000/- resulting in addition of Rs. 14,16,000/-. It was submitted that the property being in the Jayanth colony and the Jayanth colony h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et and 20th main road of Anna Nagar. A perusal of the guideline value in respect of the period 01.04.2012 to 08.06.2017 shows the guideline value fixed by the State Government in respect of Jayanth colony was Rs. 9,000/- per sq.feet and the same was revised downward from 09.06.2017 to Rs. 6,000/- per sq.feet. Similarly, in respect of 20th main road, Anna Nagar, for the period 01.04.2012 to 08.06.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e fixed by the Government. When there is a specific guideline value fixed by the Government in respect of specific colony or flat, just because the said colony or flat is adjacent to a road, which has a higher guideline value, the higher value cannot be adopted for the purpose of making an addition by invoking the provisions of section 56(2)(vii)(b)(ii) of the Act. This being so, we are of the vie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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