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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 ..... spect of Jayanth colony specific guideline value has been fixed by the Government. The purchase deed shows the specific prescribe value. In respect of 20th Main Road also, there is a guideline value fixed by the Government. 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). Addition made by the AO is unsustainable in so far as the sale deed has been executed at the value as prescribed by the Government in respect of Jayanth colony itself. This being so, the addition ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that as the scheduled in the sale deed referred to 20th Main road, Anna Nagar scheme, the Assessing Officer applied the guideline rate in respect of the 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 ₹ 61,16,000/- resulting in addition of ₹ 14,16,000/-. It was submitted that the property being in the Jayanth colony and the Jayanth colony having been given a specific guideline value, the action of the Assessing Officer in adopting the value of ₹ 12,000/- per sq. feet in respect of area of 20th Main Road, Anna Nagar was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Sub-Registrar, nor is there any allegation of low stamp duty in respect of the said property by the Sub-Registrar. Guideline value listed shows that in respect of Jayanth colony specific guideline value has been fixed by the Government. The purchase deed shows the specific prescribe value. In respect of 20th Main Road also, there is a guideline value 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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