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
Become a Premium member to Download.
If you are already a Premium member, Login here to access.
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 property and had shown a sale consideration of Rs. 18 crore. The property was inherited and its valuation was carried out ...
This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
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