Kolkata ITAT Deletes AO’s Capital Gains Addition Based on DVO’s Property Value

Arijit Chakraborty Vs ITO (ITAT Kolkata) The case of Arijit Chakraborty vs ITO before the ITAT Kolkata pertains to the computation of capital gains on the sale of property in the financial year 2004-05. The dispute revolves around the valuation of the property and whether the sale price was justified. The Assessing Officer (AO) referred the matter to the Departmental Valuation Officer (DVO) who estimated the market price of the property at Rs. 73,26,350. However, the assessee sold the property for Rs. 30,00,000, citing continuous harassment by certain individuals preventing peaceful use and en...