Neither Taxpayers Nor DVO’s Valuation Acceptable Due To Inadequacy & Locational Differences; ITAT Restores Matter For Revised Valuation

The ITAT found that both taxpayer’s valuation and the DVO’s (District Valuation Officer) valuation were deficient—lacking adjustments for location, comparables or methodology. It restored the case to AO for revaluation with adequate basis. The article explains valuation norms under Income Tax law, jurisprudence on DVO vs. taxpayer valuation, and direction for fresh exercise.