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

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…

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