Mere Estimate of Cost by DVO doesn’t Constitute Material to Concealment: ITAT deletes Penalty imposed on Account of Difference of Valuation [Read Order]

By Sunayana Dhal - On July 9, 2023 6:30 am - 2 mins read

Mere Estimate of Cost by DVO doesn't Constitute Material to Concealment - ITAT deletes Penalty imposed on Account of Difference of Valuation - TAXSCAN

The Visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT) held that a mere estimate of cost by the Departmental Valuation Officer (DVO) doesn’t constitute material to concealment and hence deleted penalty imposed on account of difference of valuation. A survey operation under Section 133A of the Income Tax Act was carried out in the…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?

Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)

₹1199 + GST for 1 year

Subscribe Now

Topics