That the Assessing Officer in exercise of powers under section 142A had made reference to the Departmental Valuation Officer, who had submitted his detailed report to the Assessing Officer. The act of the assessee in denying the inspection of properties to the Departmental Valuation Officer or participating during the asset valuation proceedings was not acceptable. (AY. 2011-12)
Young Indian v. ACIT (E) (2022)95 ITR 33 (SN)/218 TTJ 1 (Delhi)(Trib)
S. 142A : Estimate of value of assets by Valuation Officer-Fair market value-Property having high rental value in market and huge commercial viability-Circle rate not indicative of market value-Comparable sale instance better indication of realisable value.