ITAT nullifies AO’s Attempt to Override Government Valuer’s Fair Market Valuation Report in Piramal Enterprises Flat Sale [Read Order]

AO lacked authority to replace the fair market valuation report fixed by DVO.
By Aiswarya Krishnadas - On March 17, 2024 7:00 am - 2 mins read
ITAT - AO - Government Valuer's Fair Market Valuation Report - Piramal Enterprises - taxscan

In a recent ruling, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) overturned the Assessing Officer’s ( AO ) decision to disregard the fair market valuation report provided by a government valuer in Piramal Enterprises’ flat sale. The issue arose when the Commissioner of Income Tax (Appeals) [CIT (A)] affirmed the…

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