Addition based on DVO Valuation exceeding Stamp Duty Value was upheld

Syed Hifajat Ali Vs ACIT (ITAT Raipur) Conclusion: Addition based on the District Valuation Officer’s (DVO) report, which exceeded the stamp duty value was upheld as  assessee challenged to DVO’s valuation was arbitrary without any supporting evidence. Held: Assessee, was subjected to a search and seizure operation. The case was selected for scrutiny, and notices were issued. Assessments for Assessment Year(AY)s 2014-15 to 2019-20 were completed under Section 153A, while AY 2021 was assessed under Section 143(3). For AY 2016-17, an addition of ₹6,66,22,641 was made due to a valuation di...