ITAT Allows Appeal as DVO Reference Was Invalid Under Pre-2012 Section 55A

Kirankumar Ramanlal Naik Vs ITO (ITAT Surat) The assessee filed an appeal before the Income Tax Appellate Tribunal (ITAT), Surat, against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, for Assessment Year 2012-13. The dispute primarily related to the addition of ₹87,41,778 as Long-Term Capital Gain (LTCG) based on the valuation adopted by the Departmental Valuation Officer (DVO) instead of the valuation furnished by the assessee through a registered valuer. The assessee contended that the Assessing Officer (AO) was not justified in reopening the asses...