ITAT Hyderabad: DVO Valuation Ignored-LTCG Recomputed Based on Valuation Report

Sunitha Malu Vs ITO (ITAT Hyderabad) In this case , the ITAT Hyderabad dealt with improper determination of capital gains where the AO ignored the valuation report obtained from the DVO. The assessee had sold a property jointly and declared modest capital gains. However: AO adopted market value from stamp portal (₹24,242/sq ft) and computed LTCG at ₹90.20 lakh A reference was made to the DVO, but the report was not available at the time of assessment The AO passed the order subject to receipt of DVO report, but later failed to revise the computation The Tribunal observed: DVO report (da...