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TMI Blog2019 (12) TMI 142X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld. learned Commissioner of Income Tax (Appeals)-XXXIII, New Delhi ("Ld. CIT(A)"), both dated 28.03.2013 in Appeal Nos. 522/10-11 in the case of Shri Abhinav Arora and 530/10-11 in the case of Smt. Ranju Arora, pertaining to Assessment Year 2008-09.passed by the learned Commissioner of Income Tax (Appeals)-XXXIII, New Delhi. 2. Since the transaction which gave rise to the capital gains, which is the subject matter in all the four appeals, is one and the same, we deem it just and proper to dispose of all these appeals by way of common order. 3. Brief facts of the case are that Shri Abhinav Arora is the son of Smt. Ranju Arora and have purchased a residential ploy No.8, Kachnar Marg, DLF, Gurgaon on 1.6.2007 in their name for a consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rring date and, therefore, they could not produce certain documents before the ld. AO to substantiate their claim that the sale consideration was only Rs. 1.55 crores and nothing more and also that the valuation of Rs. 7,40,95,000/- was made by M/s M.L. Aggarwal only for the purpose of obtaining loan from Axis Bank and it has nothing to do with the sale consideration received. They produced before the ld. CIT(A) the valuation report of the property dated 1.12.2011 showing the same at Rs. 1,55,61,000/- @ Rs. 18,200/- per sq. mt and also the copy of the sale deed of adjoining plot no.3 to show price at Rs. 20,460/- per sq.mt. 6. Learned CIT(A) while forwarding the documents to the ld. AO called for the remand report. Learned AO during the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... take the valuation done for bank purpose at the yardstick to reach a conclusion that there was any unaccounted investment. On this premise, learned CIT(A) brushed aside the valuation as per P&A Valuetech (P) Ltd. and relied upon the valuation document relating to the adjoining property submitted by the assessee to reach a conclusion that the total investment comes to Rs. 1.71 crores @ Rs. 20,000/- per sq. Mt. On this premise, ld. CIT(A) determined the unaccounted investment at Rs. 16 lacs and sustained the addition in the hands of each, mother and son, at Rs. 8 lacs. 9. Revenue is, therefore, aggrieved by the finding of the learned CIT(A) deleting Rs. 2,10,88,000/- preferred ITA Nos.4039 & 4040/Del/13 whereas being aggrieved by the additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perty only to say that the rate in that area is not as much as presumed by the AO but it is not the case of the assessee that the property purchased by them was not Rs. 18,000/- per sq. Mt. But it was Rs. 20,000/- per sq.mt. For these reasons, the learned AR submitted that the ld. CIT(A) rightly rejected the valuation certificate prepared for the bank loan as the yardstick to determine the correct market value of the property but at the same time, he erred in taking the market value of the plot at Rs. 20,000/- per sq. Mt as against Rs. 18,000/- per sq. Mt. Shown by the assessee. 12. We have gone through the record in the light of the submissions made on either side. It could be seen from the impugned order that it is an established fact th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e deed which shows the value of the property at plot No.3 at Rs. 20,460/- per sq. Mt. Further, the valuation report of the property dated 1.12.2011 shows the same at Rs. 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 learned CIT(A) to choose that particular document when the other one is also available. Having regard to the facts and circumstances of the case and also in view of the smallness of 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 Rs. 8 lacs each also. As such appeals of ground of assesses appe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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