ITAT Remands Rs. 1.76 Cr Property Valuation Case for DVO Assessment Report

Lakshmi Ojha Vs ITO (ITAT Kolkata) The appeal filed by Lakshmi Ojha against the order of the Ld. CIT(A)-NFAC for the Assessment Year 2020-21 was primarily concerned with a large addition made by the Assessing Officer (AO) due to the difference between the property’s declared purchase price and its stamp valuation. The assessee reported the purchase of a property at Rs.4,00,000/-, significantly below the stamp valuation authority’s value of Rs.1,84,38,570/-. Due to the assessee’s non-response to a show cause notice, the AO invoked Section 56(2)(x) (deeming the difference as &#...