Failure to refer FMV to DVO renders capital gains addition invalid: ITAT Cochin

Suryanarayanan Ramachandran Vs ITO (ITAT Cochin) Failure to refer FMV to DVO renders capital gains addition invalid; AO’s reverse FMV method rejected; DVO route mandatory Assessee sold a property inherited from his father  for Rs.2.80 crore &  adopted fair market value of the property as on 01.04.1981 at Rs.4,89,900 & the cost of improvement at Rs.2 lakh in the financial year 1990-1991. AO   adopted the fair market value at Rs.2,12,108 by adopting backward calculation based on the value as per the sale deed. AO adopted the cost of improvement at Rs.1,50,000 as against Rs.2 lakh ...