Held that, the assessee had purchased the property as commercial property and sold the property as residential property. The stamp duty authority had accepted the property as residential property. The assessee had sold the property according to the value assessed by the stamp valuation authority. The assessee had furnished a certificate from the Assistant Town Planner that the property in question fell in a residential area. The Assessing Officer ought to have referred the matter to the District Valuation Officer but he himself applied the value of the circle rate of commercial property. Since the value shown by the assessee had been accepted by the stamp duty authority and further the Assessing Officer had not referred the matter to the District Valuation Officer to get the market value of the property, there was no justification on the part of the Assessing Officer to have himself made the additions by applying circle rate meant for commercial property. The addition made was to be deleted. (AY.2014-15)