Valuer’s Report Ignored: ITAT Sends Case Back for Fair Market Re-Computation 

Prem Lata Gupta Vs ACIT (ITAT Delhi)

A search on the Oswal Group led to assessment u/s 153A for Assessee, who had declared ₹7.47 lakh income. AO reduced her indexed cost of construction &  added ₹49.03 lakh as long-term capital gain; CIT(A) partly upheld the addition at ₹28.64 lakh, rejecting her registered valuer’s report.

ITAT noted that the valuer had personally inspected the property, provided detailed specifications, &  that neither the AO nor CIT(A) made a reference to the DVO as required by Section 55A. Relying on Jaswin Kaur Sethi v. DCIT &  Vi

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