Capital Gains Set Aside Due to Failure to Refer Valuation to DVO: ITAT Pune

Chandrashekhar Vishnu Paranjape (HUF) Vs ITO (ITAT Pune) FMV as on 01.04.1981 Cannot Be Replaced by Stamp Rates Without DVO Reference: ITAT Pune Remands Capital Gains Issue The Pune Bench of the ITAT allowed the appeal of the assessee (HUF) for AY 2015-16 for statistical purposes and set aside the determination of long-term capital gains on the ground that the Assessing Officer rejected the registered valuer’s report without referring the matter to the Departmental Valuation Officer (DVO). In the instant case, the assessee had adopted the fair market value (FMV) of land as on 01.04.1981 at â...