DVO’s Valuation Report Not Incriminating Material & same is mere estimation: ITAT Kolkata

Sharan Complex Pvt. Ltd. Vs ACIT (ITAT Kolkata) In the case of Sharan Complex Pvt. Ltd. vs. ACIT, the Kolkata Bench of the ITAT dealt with a series of appeals related to assessments made under Section 153A read with Section 143(3) of the Income Tax Act for the Assessment Years 2010–11 to 2016–17. These assessments followed a search on the assessee’s premises in August 2015. During the post-search assessment proceedings, the cost of construction of a building developed by the assessee was estimated by the Departmental Valuation Officer (DVO) at ₹4.95 crore, whereas the assessee had disc...