DVO Valuation Without Notice Invalid: Matter Remanded for Fresh Determination

Jayant Shamji Cheda Vs DCIT (ITAT Mumbai) DVO Valuation Without Notice Invalid: Matter Remanded for Fresh Determination The dispute related to enhancement of short-term capital gains based on DVO valuation (₹65.29 lakh) as against actual sale consideration (₹52.50 lakh). The assessee challenged the valuation on the ground of violation of natural justice, as no notice was served before finalizing the valuation. The ITAT observed that under Section 16A of the Wealth Tax Act, the DVO is required to issue notice and provide opportunity to the assessee to raise objections before determining val...