AO Cannot Reject Registered Valuer’s Report Without DVO Reference: ITAT Delhi

Prabhat Bhatia Vs Circle (ITAT Delhi) Material Facts The assessee, a Non-Resident Indian (NRI), appealed against the assessment order passed under Sections 147 read with 144 of the Income-tax Act, 1961 for Assessment Year 2015-16. The dispute related to computation of capital gains arising from the sale of an immovable property for Rs.60,00,000. The property had originally been allotted by the Delhi Development Authority (DDA) to the assessee’s uncle in Financial Year 1986-87 for Rs.1,66,600 and was gifted to the assessee on 18.03.2011. Before the sale, the assessee obtained a valuation ...