Valuer’s Report Ignored: ITAT Sends Case Back for Fair Market Re-Computation 

Prem Lata Gupta Vs ACIT (ITAT Delhi) A search on the Oswal Group led to assessment u/s 153A for Assessee, who had declared ₹7.47 lakh income. AO reduced her indexed cost of construction &  added ₹49.03 lakh as long-term capital gain; CIT(A) partly upheld the addition at ₹28.64 lakh, rejecting her registered valuer’s report. ITAT noted that the valuer had personally inspected the property, provided detailed specifications, &  that neither the AO nor CIT(A) made a reference to the DVO as required by Section 55A. Relying on Jaswin Kaur Sethi v. DCIT &  Vidhi Agarwal (All HC...