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Reassessment Confirmed, Rs. 2.01 Crore Capital Gain Addition Sent for Fresh Valuation
Case Law Details
- Case Name
- Jayeshkumar Baldevbhai Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Ahmedabad
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Jayeshkumar Baldevbhai Patel Vs ITO (ITAT Ahmedabad)
Reopening Upheld, But DVO vs Valuer Reports Questioned – Capital Gain Addition of Rs. 2.01 Cr Remanded for Fresh Valuation
Assessee had not filed return for A.Y. 2014-15. On AIR/ITS data, AO noted sale of immovable property worth Rs.7.91 crore. Reopening u/s 147 was initiated & notice u/s 148 issued on 31.03.2019. Assessee filed return declaring long-term capital loss of Rs.12 lakh, supported by a registered valuer’s report adopting FMV at Rs.300 per sq.mtr. as on 01.04.1981. AO referred matter to DVO, who valued the land at Rs.5.17 ...
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