An individual assessee filed his return of income for AY 2020-21;an immovable property in the nature of\u00a0 \u00a0vacant low lying agril land in a panchayat area, was purchased by the assessee at a consideration of Rs.42.00 lakhs in the FY 2019-20;the stamp duty valuation was Rs.1.37 crores. The case was selected in CASS “Limited Category”, with notice being issued u\/s 143(2).The assessee participated in the assessment proceedings, offering his explanation regarding the anomaly. The assessing officer issued SCN invoking section 56(2)(x) in the hands of the assessee who\u00a0 vehemently objected to the triggering of\u00a0 the deeming provisions of section 56(2)(x) and preferred a reference to the DVO who was being referred to for proper ascertainment .Pending the report of the DVO, assessment was completed u\/s 143(3) rws 144B taxing the entire difference amount u\/s 56(2)(x) citing the time barring provisions .The DVO sent his technical\u00a0 staff to the spot and thereafter determined the value\u00a0 at 1.48 crores on ideal surmises and conjectures\u00a0 citing comparisons based on stamp duty valuation of the comparable\u00a0 and sent the valuation report to the assessee to raise\u00a0 objections if any\u00a0 giving a meagre less than a weeks\u00a0 time to respond to and contending therein the report that he(DVO) himself was present which was never the case as the assessee was himself present at the date and time of spot inspection by the technical staff deployed by the DVO . Sir\/Madam it is very pertinent to take note of the fact that assessee had not obtained an independent valuer’s report on his own, completely relying under a firm sense of belief that a proper valuation will be made by the DVO.Meanwhile the assessee will be preferring an appeal u\/s 246A of the Act, the time period of which has not yet expired .<\/p>\n
Sir\/Madam my question<\/p>\n
[A] Can the DVO’s\u00a0 arbitrary report be put to challenge? if yes before which forum, though an objection will be invariably sent to the DVO formally.<\/p>\n
Can the said facts of the arbitrary action of the DVO be incorporated in the memorandum of appeal in Form 35?<\/p>\n
Sir\/Madam, are there any clear cut Court\/Tribunal verdicts\u00a0 in this regard in regard to challenge of the DVO’s report?[section 55A read with section 56(2)(x)]<\/p>\n
An answer is solicited in right earnest at the earliest.<\/p>\n
Regards & thanks<\/p>\n
ADV SUBRATA RAY<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[715],"class_list":["post-30198","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-valuation-report"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/30198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=30198"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=30198"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=30198"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=30198"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=30198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}