Discrepancy Between Purchase Price And Stamp Duty Value Of Land: ITAT Directs AO To Reconsider Using DVO Valuation

The ITAT directed the Assessing Officer to seek valuation from the Departmental Valuation Officer (DVO) in a case involving discrepancies between purchase price and stamp duty valuation of land. The article emphasizes the importance of fair valuation mechanisms in tax assessments. It highlights how judicial forums act as checks on arbitrary additions, ensuring accuracy in determining taxable income. This ruling reinforces principles of natural justice and reliance on expert valuation.