Addition Under Section 56(2)(vii)(b) Without DVO Valuation Invalid

Bhavnaben Sanjaykumar Mistry Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition under section 56(2)(vii)(b) of the Income Tax Act without referring valuations of property to DVO as per the provisions of sec-50C of the Income Tax Act is liable to be deleted. Accordingly, appeal allowed. Facts- The return for the year under consideration was filed by the assessee on 20.10.2024 declaring income of Rs.14,08,850/- which was accepted by AO. Subsequently, vide order dated 27.03.2019, the order of AO u/s 143(3) was set aside by Pr. CIT to the file of AO with the directions to complete the asses...