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CIT(A) can’t by pass DVO: Property valuation dispute remanded: ITAT Delhi
Case Law Details
- Case Name
- Nalin Kumar Rastogi Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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Nalin Kumar Rastogi Vs ITO (ITAT Delhi)
Delhi ITAT dealt with a dispute concerning computation of long-term capital gains arising from the sale of property.
Assessee had relied on a registered valuer’s report which valued the cost of construction as on 01.04.1981 at ₹1,90,000/- per floor, citing superior work & better quality of construction. However, the Assessing Officer rejected this valuation outright & substituted his own estimate, without making a reference to the Departmental Valuation Officer (DVO). He accordingly reworked the indexed cost of acquisition &a...
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