When assessee challenges stamp duty valuation, AO duty-bound to rely on DVO valuation: ITAT Ahmedabad

Anilkumar Dwarkaprasad Modani Vs DCIT (ITAT Ahmedabad) In the case abovementioed ITAT Ahmedabad bench held that assessee must be granted a fair opportunity to represent its case especially in faceless proceedings where interaction is limited. It further remanded back the matter to AO after considering that valuation report by DVO was not obtained even after reference under section 50C (2), to consider the value of actual capital gain. The assessee declared income at Rs. 65,92,970/- earning income from salaries, trading in shares and securities, capital gains, and other sources. During the asse...