Estimation of Value of Assets by VO u/s. 142A of Income Tax Act Not Applicable on Purchase of Ready Built House by Assessee: ITAT [Read Order]

By Rasheela Basheer - On January 4, 2023 12:51 pm - 2 mins read
Value of Assets - Income Tax - Income Tax Act - Purchase of Ready Built House - ITAT - taxscan

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 142A of the Income Tax Act, 1961 regarding the estimation of value of assets by a Valuation Officer is not applicable in cases where the assessee purchased a ready built house. The assessee, Shri. Ananthakrishna Vasudev Aitha is…

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