Failure to Refer Valuation of Land to DVO after Satisfying Conditions of S. 50C(2) of Income Tax Act: ITAT directs De Novo Adjudication [Read Order]

The tribunal restored the issue to the AO for fresh adjudication after obtaining a DVO valuation, allowing the appeal for statistical purposes
By Sneha Sukumaran Mullakkal - On September 25, 2024 5:33 pm - 2 mins read
ITAT Mumbai - ITAT ruling on land valuation - de novo proceITAT Mumbai - ITAT ruling on land valuation - de novo process - TAXSCANss - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the Assessing Officer ( AO ) erred by not referring the land valuation to the Departmental Valuation Officer ( DVO ) under section 50C(2) of Income Tax Act,1961. Mohammed Khalid Habib Parihar,the appellant-assessee,a proprietor of M/s Oath Infrastructure and engaged in the…

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