Reopening of Assessment Invalid as DVO Valuation Was Lower Than Assessee’s Declared Value

Kiritbhai Jayantilal Kundalia (HUF) Vs ITO (Gujarat High Court) The assessee filed an appeal under Section 260A of the Income-tax Act, 1961, challenging the order of the Income Tax Appellate Tribunal (ITAT), which had upheld the orders of the Assessing Officer (AO) and the Commissioner of Income-tax (Appeals). The appeal raised questions regarding the legality of the AO’s reference to the Valuation Officer under Section 55A of the Act and the reliance placed on the valuation report for computing capital gains. The assessee had filed its return for Assessment Year 2000-01 along with a valuati...