Registered Valuer’s Report Prevails as DVO Reference Failed Legal Requirements

Jayantibhai Chimanbhai Patel Vs ITO (ITAT Surat) The appeals were filed by two assessees against a common order of the Commissioner of Income Tax (Appeals), Surat, relating to Assessment Year 2012-13. Since the facts and issues were substantially similar, both appeals were heard together and decided through a consolidated order. The assessees had challenged the adoption of the Departmental Valuation Officer’s (DVO) valuation for determining the fair market value of land as on 01.04.1981, instead of the valuation provided by a registered valuer. They also challenged the dismissal of their cla...