ITAT Deletes LTCG Addition as DVO Reference Under Section 55A Was Not Valid

Jigneshkumar S. Modi (HUF) Vs ITO (ITAT Surat) The ITAT Surat decided a batch of eight appeals concerning Assessment Year 2012-13, with the case of Jigneshkumar Sanmukhlal Modi (HUF) taken as the lead matter. The dispute related to the computation of long-term capital gains (LTCG) arising from the sale of land during Financial Year 2011-12. The assessee had adopted the fair market value (FMV) of the property as on 01.04.1981 at ₹380 per sq. meter based on a report of a Government-approved valuer. During reassessment proceedings, the Assessing Officer referred the matter to the District Valua...