Question And Answer
Subject: Whether the Assessee can request the DVO to make valuation report ?
Querist: Prasad
Answered by:
Date: May 11, 2021
Query asked by Prasad

Can assessee suo moto approach DVO for valuation, even if AO is not approaching DVO for the same?

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Answer given by

No., The Assessee cannot suo moto approached to the District Valuation Officer. The AO, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him. And as per sub section (2) of section 142A the AO may make a reference to the Valuation Officer under sub-section (1) whether or not he is satisfied about the correctness or completeness of the accounts of the assessee.
Note :

The assessee cannot approach DVO for Valuation .However the assessee can file the valuation report of the Registered Valuer . The Assessing Officer is bound to follow the valuation given by the registered valuer or he has to refer the matter to DVO. In ACIT v. Synbiotics Ltd. (2016) 48 ITR 210 (Ahd.)(Trib.) held that the authorities are not justified in adopting the rate on their own estimation as the assessee had furnished a report from Government approved valuer. In Ramesh Govindbhai Patel v .ITO ( 2020) 118 taxman. com 201 ( Ahd) (Trib) held that addition cannot be made without referring the matter to DVO.

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