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7. The next ground of appeal relates to addition of Rs. 4,27,300 made on account of alleged unexplained investment in the purchase of a plot.

8. The facts of this ground are that the assessee purchased a plot of land along with one built-up room and verandah for a (sum) of Rs. 2,00,000 which was disclosed. For stamp duty purposes, the market value of property was taken at Rs. 6,27,300. The assessee purchased this property from one Shri Budhraj S/o Shri Bhanwar Lai, resident of Mertacity. The learned AO got inquiries conducted through his Inspector to verify the actual price of this property. The Inspector recorded the statement of one Shri Pujkhraj Bhati, whose land was situated adjacent to plot purchased by the assessee. In his statement, Shri Pukhraj Bhati, recorded on 18th Feb., 2004, stated that the fair market value of this plot commonly known as godown, ranged between Rs. 9 lakhs to Rs. 12 lakhs. Finally, the learned AO concluded that this plot was purchased for a consideration of Rs. 6,27,300 and thus, added Rs. 4,27,300 after excluding the disclosed investment of Rs. 2 lakhs in the hands of the assessee under Section 69 of the Act as unexplained investment. The learned CIT(A), however, deleted the entire addition by relying on the decision of Hon'ble Tribunal Jodhpur Bench given in the case of Jai Marwar Co. (P) Ltd. v. Asstt. CIT in ITA No. 2226 reported at (2003) 79 TTJ (Jd) 178-Ed. in which it was held, by relying on the decisions of the Hon'ble Supreme Court given in the case of U.P. Jsd Nigam v. Kata Property AIR 1966 SC 1170 and that of the Hon'ble Rajasthan High Court in the case of CIT v. Raja Narendra (1995) 123 CTR (Raj) 459 : (1994) 74 Taxman 157 (Raj), that the rate fixed for the collection of stamp duty cannot be relied upon to determine the fair market value of the land.