Mere Estimation by DVO is no Justification for Adopting Fair Market Value: ITAT [Read Order]

Mere Estimation by DVO - Justification for Adopting Fair Market Value - ITAT - TAXSCAN

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that there is no justification for adopting a lower Fair Market Value (FMV) in the case of the assessee merely on the basis of estimation made by DVO. Also ruled that the Assessing Officer (AO) cannot invoke the provisions of Section 142A of the…

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