ITAT Deletes LTCG Addition as DVO cannot Reduce FMV Backed by Registered Valuer Report

Rameshchandra Maganlal Gandhi Vs ITO (ITAT Surat) The ITAT Surat allowed the assessee’s appeal concerning computation of long-term capital gains (LTCG) arising from the sale of land during AY 2009-10. The assessee had adopted the fair market value (FMV) of the property as on 01.04.1981 based on a registered valuer’s report, while the Assessing Officer referred the matter to the Departmental Valuation Officer (DVO) and adopted a substantially lower value, resulting in an addition towards LTCG. The Tribunal noted that the assessment year involved was prior to AY 2013-14 and held that, under ...