Section 142A valuation provisions not applicable to ready built house

Ananthakrishna Vasudev Aithal Vs ITO (ITAT Bangalore) ITAT held that Investment referred  in Section  142A pertains to Investment made by  assessee in construction of property and not investment made in purchase of  ready built house property. The case of the assessee was selected for compulsory scrutiny. In the assessment proceedings, the AO referred to the Valuation Officer i.e., the District Valuation Officer (DVO) for estimating the value of the property purchased by the assessee. The DVO, vide his report dated 29.06.2016, determined the value of the cost of land and building at Rs.95,...