Adoption of lower FMV based on DVO report unjustified as specific feature of property not considered
Case Law Details
Case Name : Madhurittu Puri United Kingdom Vs DCIT (ITAT Delhi)
Related Assessment Year : 2019-20
Courts :
All ITAT ITAT Delhi
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Madhurittu Puri United Kingdom Vs DCIT (ITAT Delhi)
ITAT Delhi held that there is no justification of adopting lower Fair Market Value (FMV) merely on the basis of DVO report as DVO has failed to consider the specific features of the property commanding higher value.
Facts- The assessee a non resident individual filed her return for A.Y. 2019-20. Her case was selected for scrutiny under CASS. During assessment proceedings, AO found that the assessee had sold a residential
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Author Bio
This perennial problem needs to be resolved It is always vague to know what was the FMV in 2001 Can one ask the DVO or AO what is the value in 2001