Appeal Dismissed: Valuation Report Alone Insufficient. AVO's Use of Different Location Transaction Questioned

The Delhi HC dismissed the appeal, following SC precedent that addition cannot rely solely on a valuation report. The AVO's use of a transaction from a different location was highlighted, referencing a previous case.

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The Delhi High Court dismissed the appeal citing the Supreme Court judgment in Assistant Commissioner of Income Tax versus Dhariya Construction Company. Addition cannot be solely made based on a valuation report, as held in Commissioner of Income Tax versus Puneet Sabharwal. The Assistant Valuation Officer's reliance on a transaction from a different location was also noted.

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