AO need not refer to DVO if he accepts property valuation of registered valuer

Mr. Jitindar Singh Chadha Vs Pr. CIT (ITAT Delhi) Conclusion: Where AO was satisfied from the valuation report of the Registered Valuer (approved by the Govt.) for the valuation of property furnished by assessee, he was not mandatory required to refer the matter for valuation of property to DVO. Held: It is well settled that the provisions of Section 55A provides that AO may refer the matter to DVO for valuation of the property. The use of the word “may” makes it discretionary so it is not mandatory. In the present case, it appeared that AO was satisfied from the valuation of the property,...