DVO Reference Held Invalid as Assessee’s Valuation Exceeded FMV: Bombay HC

CIT Vs Daulal Mohta HUF (Bombay High Court) Revenue Appeal Fails Because Property Valuation Dispute Was Purely a Question of Fact; Section 55A Reference Cannot Be Made When Assessee’s Declared Value Is Higher Than FMV; DVO Valuation Rejected Because Reference Under Section 55A Was Found Bad in Law. The Bombay High Court dismissed the Revenue’s appeal and held that no question of law arose from the issues raised before it. The appeal concerned the valuation of the “Laxmi Niwas” property and the validity of a reference made by the Assessing Officer (AO) to the Departmental Valuation Of...