Assessee’s Valuation Report cannot be discredited without DVO’s Report

Shekhar Bharti Vs ITO (ITAT Delhi) Introduction: The case of Shekhar Bharti vs. ITO at ITAT Delhi revolves around the dispute of a salaried employee who claimed an exemption under section 54F of the Income Tax Act, 1961, related to the sale of his residential property. The main point of contention in this case was the valuation report provided by the assessee for the property, and whether it could be discredited without the support of the Departmental Valuation Officer’s (DVO) report. Background of the Case: The assessee, a salaried employee, had purchased a residential house in the fi...