DVO reference U/s 142A made before initiation of reassessment is invalid

ACIT Vs Adish Estates Pvt. Ltd. (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has affirmed that a reference to the District Valuation Officer (DVO) for estimating the fair market value of property can only be made when income tax assessment or reassessment proceedings are already pending. This ruling came in the appeal filed by the Assistant Commissioner of Income Tax (ACIT) against Adish Estates Pvt. Ltd. for Assessment Year 2011-12. The ITAT upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] to delete an addition of Rs. 2,28,41,677/- made by the As...