ITAT Mumbai Mandates DVO Reference in Valuation Disputes

Fakhruddin T. Malik Vs ITO (ITAT Mumbai) Addition u/s 56(2)(vii)(b)(ii) – difference between the stamp duty value and the agreement value of two residential flats purchased by the assessee – not referring the valuation matter to the Departmental Valuation Officer (“DVO”) despite the assessee’s request, ITAT Mumbai decision in Fakhruddin T. Malik vs ITO, Ward-21(1)(5), Mumbai (ITA No. 6555/MUM/2024, dated 16.05.2025) Fact: The assessee, an individual, filed his return declaring income of ₹2,43,890. During scrutiny, it was noticed that he purchased two flats in Ol...