Sec 50C Addition Invalid if AO Ignores DVO Reference Request: ITAT Lucknow

Vijay Pal Singh Vs Assessment Unit (ITAT Lucknow) The case concerns an appeal against an assessment order dated 21.03.2024 passed under sections 147 read with 144B of the Income Tax Act, 1961, wherein the total income of the assessee was determined at ₹1,99,26,867 as against the returned income of ₹3,34,590. A major addition of ₹1,95,92,277 was made on account of long-term capital gains (LTCG) arising from the sale of immovable property. The Assessing Officer (AO) adopted the stamp duty valuation (circle rate) of the property, which was higher than the declared sale consideration. The as...