FMV determination without giving opportunity of being heard to Assessee is Unjustified

Astik Mondal Vs ITO (ITAT Kolkata) The issue under consideration is whether Fair Market Value of property determined without giving access to the DVO’s report to Assessee and without considering the Assessee’s objections is justified in law? ITAT states that the only dispute involved in the assessee’s case relates to the determination of the indexed cost of acquisition of the assessee’s share of property sold during the year under consideration. He has submitted that the fair market value of the property as on 01.04.1981 was claimed by the assessee on the basis of actual sale instance ...