AO Adds Rs. 2.37 Crore u/s 56(2)(vii)(b) for Valuation Discrepancy in Agricultural Land Purchase: ITAT directs to obtain DVO report

The ITAT directed the Assessing Officer (AO) to obtain a report from the Departmental Valuation Officer (DVO) regarding the valuation of agricultural land purchased by the taxpayer. The AO had added Rs 2.37 crore to the taxpayer's income, citing discrepancies in the land's valuation. The Tribunal held that the matter required an expert's opinion to resolve valuation issues, and thus, the DVO's assessment was necessary to determine the correct tax liability. The ruling emphasizes the importance of relying on accurate and professional valuations in property transactions to ensure fair tax assessments.