Section 142A: Reference of matter to DVO by AO for valuation of property is not mandatory

ACIT Vs M/s. Ardra Associates (ITAT Cochin) The primary issue raised by the Revenue in this case is with regard to the conclusion of the CIT that rejection of books of account is not a pre-requisite for referring the valuation of asset u/s 142A of the I.T. Act. In this connection, the contention of the assessee and the ground on which the CIT had passed the order is that the reference to Valuation Officer itself is not in accordance with the law. The reason put forward by the AO for reference to DVO for the valuation of the construction of property is that the value declared by the assessee is...