Failure to refer FMV to DVO renders capital gains addition invalid: ITAT Cochin

Suryanarayanan Ramachandran Vs ITO (ITAT Cochin)

Failure to refer FMV to DVO renders capital gains addition invalid; AO’s reverse FMV method rejected; DVO route mandatory

Assessee sold a property inherited from his father  for Rs.2.80 crore &  adopted fair market value of the property as on 01.04.1981 at Rs.4,89,900 & the cost of improvement at Rs.2 lakh in the financial year 1990-1991. AO   adopted the fair market value at Rs.2,12,108 by adopting backward calculation based on the value as per the sale deed. AO adopted the cost of improvement at Rs.1,50,000 as

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