Reassessment Confirmed, Rs. 2.01 Crore Capital Gain Addition Sent for Fresh Valuation

Jayeshkumar Baldevbhai Patel Vs ITO (ITAT Ahmedabad) Reopening Upheld, But DVO vs Valuer Reports Questioned – Capital Gain Addition of Rs. 2.01 Cr Remanded for Fresh Valuation Assessee had not filed return for A.Y. 2014-15. On AIR/ITS data, AO noted sale of immovable property worth Rs.7.91 crore. Reopening u/s 147 was initiated & notice u/s 148 issued on 31.03.2019. Assessee filed return declaring long-term capital loss of Rs.12 lakh, supported by a registered valuer’s report adopting FMV at Rs.300 per sq.mtr. as on 01.04.1981. AO referred matter to DVO, who valued the land at Rs.5.17 ...