ITAT Allows Registered Valuer’s Valuation as Section 55A DVO Reference Was Invalid

Balubhai Mustufabhai Mahida Vs DCIT (ITAT Surat) The assessee appealed against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2012-13 relating to additions concerning valuation of land, indexed cost of acquisition, cost of improvement, deduction under Section 54B, and treatment of agricultural income. The assessee had sold two parcels of land situated at Village Valak, Kamrej, during the relevant financial year. While computing long-term capital gains, the assessee claimed indexed cost of acquisition and cost of improvement based on a valuation report of a Government...