ITAT Quashes Assessment Order for Lack of Property Valuation Report

Khairunnisa Vs ITO (ITAT Hyderabad) The recent order by the Income Tax Appellate Tribunal (ITAT) Hyderabad regarding the appeal of Khairunnisa Vs ITO for Assessment Year (A.Y.) 2009-10 has stirred attention due to the quashing of the assessment order. The appeal stemmed from the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, invoking proceedings under section 147 r.w.s. 144 of the Income Tax Act, 1961. The grounds of appeal raised various discrepancies in the assessment. Analysis: The core issue revolved around the valuation of the property sold by the ass...