ITAT Deletes LTCG Addition as DVO Reference Was Invalid for Pre-July 2012 Transaction

Virendra Natwarlal Jariwala Vs DCIT (ITAT Surat) The appeals before the Income Tax Appellate Tribunal (ITAT), Surat, related to Assessment Year 2013-14 and involved co-owners of a piece of land sold during the relevant period. The assessees challenged the adoption of the fair market value (FMV) of the land as on 01.04.1981 based on the Departmental Valuation Officer’s (DVO) report instead of the valuation furnished by a Government-approved registered valuer. The assessees had sold the land through a conveyance deed dated 04.06.2012. For computing long-term capital gains (LTCG), they adopted ...