| COURT: | ITAT Chandigarh |
| CORAM: | Bhavnesh Saini (JM), T. R. Sood (AM) |
| SECTION(S): | 55A |
| GENRE: | Domestic Tax |
| CATCH WORDS: | capital gains, DVO's valuation report |
| COUNSEL: | Navtej Kumar |
| DATE: | July 15, 2015 (Date of pronouncement) |
| DATE: | July 20, 2015 (Date of publication) |
| AY: | 2010-11 |
| FILE: | Click here to view full post with file download link |
| CITATION: | |
| S. 55A: If the AO is not satisfied with the valuation made by the assessee's valuer, he must refer the issue to the DVO. He cannot reject the assessee's valuation without any basis | |
The Assessing Officer, if was not satisfied with the report of the Registered Valuer, could have made a reference to the Departmental Valuation Officer under section 55A of the Act for the purpose of computing income from capital gains. The Assessing Officer has thus, not acted in accordance with law and without any basis or evidence in his possession, did not accept report of the Registered Valuer. In the absence of any material on record, Assessing Officer should not have made his own calculation for the purpose of computing the capital gains
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