CIT(A) can’t by pass DVO: Property valuation dispute remanded: ITAT Delhi

Nalin Kumar Rastogi Vs ITO (ITAT Delhi) Delhi ITAT dealt with a dispute concerning computation of long-term capital gains arising from the sale of property. Assessee had relied on a registered valuer’s report which valued the cost of construction as on 01.04.1981 at ₹1,90,000/- per floor, citing superior work & better quality of construction. However, the Assessing Officer rejected this valuation outright & substituted his own estimate, without making a reference to the Departmental Valuation Officer (DVO). He accordingly reworked the indexed cost of acquisition & made addition...