2017 (6) TMI 1049

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..... ales 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 .....

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..... the case and in law, the Tribunal was justified in deleting the addition made by the Assessing Officer u/s 69B of the Act, of ₹ 1,06,18,870/ignoring the 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 of the Act? 3. Mr. Pinto, learned Counsel for the appellant strenuously contends t .....

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..... ent of the Assessing Officer, CIT(A) and the Tribunal. 5. It has been 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 .....

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