Discrediting assessee’s valuation report without substantial reasons and without calling for DVO report is unjustified

Swadeshi Polytex Limited Vs DCIT (ITAT Delhi) ITAT Delhi held that failure to call for DVO report and discrediting the valuation report of the assessee without substantial reasons is unsustainable and bad in law. Facts- Assessee company is into the real estate development by converting the leasehold land as Stock in trade and selling the plots of smaller sizes after proper development and approval from UPSIDC. AO noticed that assessee had sold a total of 16976.5 sq. Mtr. of land. As per the MOU, the assessee is entitled to receive Rs. 8,200/- per sq. Mtr. for land sold. AO considered that the ...