2022 (12) TMI 64

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.... ("CIT(A)") is erroneous and bad in law. 2. The Ld. CIT(A) has erred in law and on facts in sustaining the addition upto Rs. 26,86,000/- out of the addition of Rs. 27,00,500 made by the Ld. Assessing Officer ("AO") under Section 50C of the Income-tax Act, 1961 ("the Act"). 3. Brief facts of the case are that the assessee has filed its return of income declaring income at Rs.96,18,570/- on 28.09.2015, which was processed u/s 143(1). Thereafter, the case was selected for limited scrutiny. In the assessment order, the Assessing Officer noted that the assessee has sold a flat in Arcadia building Mumbai for a consideration of Rs.1,51,00,000/-. From the sale deed, the Assessing Officer found that circle rate of the property was at Rs.1,78,00....

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.... Rs. 20,825/- 82 04.12.2014 2 Rs. 2,26,32,847/- Rs. 1,89,64,000/- 1034.74 (96.13 Sq. Mtr.) Rs. 18,323/- 83 01.11.2013 3 Rs. 1,52,01,500/- Rs. 1,35,60,000/- 666.18 (61.89 Sq. Mtr.) Rs. 20,355/- 84 05.04.2013 Rate Per Sa. Ft. of the Impugned Property S. No. Market Value of the Property Sale Consideration Received Area (In Sq. Ft.) Rate (Per Sq. Ft.) (Sale Consideration/ Area) Page Number of Paper Book Date of Sale 1 Rs. 1,78,00,500/- Rs. 1,51,00,000/- 645.84 (60 Sq. Mtr.) Rs. 23,380/- 45 17.06.2014 7. Referring to the above, the ld. counsel for the assessee contended that sale instances of the property located in the same building were filed by the assessee before the ld. CIT(A)....

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....arison should be done among instances which are relatively near. In the present case, the DVO despite noting the instances himself has not followed the valuation done for the same property but had preferred to take into account adjacent building without any reason. We find considerable cogency in the assessee's submissions that DVO's approach is not correct. We note that DVO has done the valuation of the following basis. Property: "Unit No.3,8th Floor, "Arcadia" building, Arcadia Premises Co-operative Society Ltd., Nariman Point, Mumbai-400021 Sl. No. Date Address Seller/ Purchaser Built up Area in Sqm. Consideration in Rs. Rate/ sqm Regd No. 1 17.04.2014 Office No.801, Floor No.8, Arcadia, Block No.195, Nariman Point, Mumbai- 4....