Addition based upon invalid Valuation Report not sustainable: ITAT Delhi

Rajeev Mittal Vs ITO (ITAT Delhi) Rajeev Mittal appealed to the ITAT Delhi against an order from the CIT(A)-NFAC Delhi, contesting additions made by the Assessing Officer (AO) for Assessment Year 2015-16. The AO had added ₹52.37 lakh under Section 56(2)(vii)(b) read with Section 50C of the Income Tax Act, based on the difference between the property’s purchase price and its fair market value (FMV) as determined by the Department Valuation Officer (DVO). Additionally, the AO disallowed a depreciation claim of ₹5.09 lakh on a building and added ₹49.08 lakh under Section 68, citing un...