Valuation report from DVO necessary to arrive at fair market value on the date of conversion

Advertisement DCIT Vs BHP (1981) Pvt. Ltd (ITAT Kolkata) ITAT Kolkata held that income from sale transaction of impugned land property by applying provisions of section 45(2) of the Income Tax Act should be done after obtaining the pending valuation report from DVO to arrive at fair market value as on the date of conversion. Facts During the year under consideration, assessee had sold a piece of land and tin shed structure on it, to one S.R. Trexim Pvt Ltd. vide registered sale deed. Market value of the said property on the date of execution of sale through registered deed was assessed at R...