DVO Valuation Rejected as Assessee’s Registered Valuer Had Reported Higher FMV

Mahdevbhai Mohanbhai Naik Vs ITO (ITAT Surat) The assessee appealed against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2010-11, challenging an addition of ₹5,92,550 made on account of long-term capital gains arising from the sale of immovable property. The principal issue was whether the Assessing Officer (AO) was justified in referring the valuation of the property to the Departmental Valuation Officer (DVO) under Section 55A of the Income-tax Act, 1961. During the relevant year, the assessee and others sold land measuring 9,207 square meters. For determining ...