Determination of FMV of Property: ITAT Directs use of DVO’s report from Co-Owner’s Case

The ITAT directed the use of a District Valuation Officer’s (DVO) report for determining the fair market value (FMV) of a property in a case involving co-owners. The taxpayer had used their own valuation, but the tribunal ruled that the DVO’s expert opinion was required to establish an accurate FMV. This ruling is important as it clarifies the use of professional reports in determining asset values, ensuring fair and consistent assessments for tax purposes.