ITAT Deletes Capital Gains Addition as Section 55A DVO Reference Was Invalid

Arvindbhai Popatlal Patel Vs ITO (ITAT Ahmedabad) The assessee filed an appeal before the Income Tax Appellate Tribunal (ITAT), Ahmedabad, challenging the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2011-12. The appeal involved disputes relating to the fair market value (FMV) of two properties as on 01.04.1981, applicability of Section 54F exemption, additions under Section 68 for loans and gifts, and addition on account of cash deposits. The assessee had sold two properties during the year: a land situated at Chandkheda and a bungalow at Tribhovan Park, Sabarmati, Ah...