Charitable Exemption Upheld: AO Must Accept Valuer Report If DVO Reference Not Made

ACIT (E) Vs Harpyari Devi Welfare Society (ITAT Delhi) ITAT Delhi: AO must accept registered valuer’s report if DVO reference not made – Exemption u/s 11 upheld; Delhi ITAT dismissed Revenue’s appeal, upholding CIT(A)’s order allowing exemption u/s 11 & 12 to the charitable society. Assessee, registered u/s 12A & 80G, had purchased institutional land at Village Bajri & Pali for ₹7.11 crore. AO treated the purchase as agricultural land acquired at over twice the circle rate, alleging violation of section 13(2)(e) (benefit to specified persons), & denied exemption. CIT...