AO can reply upon valuation of DVO only after proving understatement in price consideration as per sale deed

Brief of the case: Tribunal examined two main issues in this case firstly, whether any addition is required to be made in the hands of assessee on account of unexplained investment in purchase of house property. Secondly, whether assessees have paid any amount over and above the consideration shown in the sale deed which can be added u/s 69B on account of unexplained investment. While dismissing the appeal filed by revenue the ITAT took note of several decisions, including CIT vs. Naveen Gera 2010 328 ITR 516 (Delhi) and other decisions, including that of K.P. Varghese vs. Income Tax Officer [...