Failure to Refer Valuation of Land to DVO after Satisfying Conditions of S. 50C(2) of Income Tax Act: ITAT directs

The ITAT directed a de novo adjudication in a case where the Assessing Officer (AO) failed to refer the valuation of land to the District Valuation Officer (DVO) after satisfying the conditions of Section 50C(2) of the Income Tax Act. The appellant had contested the valuation adopted by the AO, arguing that it was not referred to the DVO as required by law. The tribunal found merit in the appellant’s contention and directed the AO to re-examine the valuation by referring it to the DVO. This decision highlights the procedural requirements for land valuation under the Income Tax Act and ensures that taxpayers’ rights are protected.