No Reference to DVO if Taxpayer’s Asset Value Exceeds FMV: ITAT Chennai

Nirmala Venkatapathy Vs ITO (ITAT Chennai) Introduction: The recent case of Nirmala Venkatapathy Vs ITO, adjudicated by the Income Tax Appellate Tribunal (ITAT) in Chennai, delves into the critical issue of referencing the District Valuation Officer (DVO) in tax assessments when the taxpayer’s declared asset value surpasses the Fair Market Value (FMV). This article provides an in-depth analysis of the case, the arguments presented, and the implications of the tribunal’s decision. Detailed Analysis: The crux of the matter revolved around the computation of capital gains concerning t...