Tribunal Orders Reexamination of Valuation, Allows Assessee to Contest DVO's Report for Fair Assessment Process.

The Tribunal rectified its prior order by directing the assessing officer to provide the assessee an opportunity to challenge the DVO's valuation. It emphasized that the DVO's report is not conclusive and can be contested. The assessing officer must reexamine the valuation, ensuring the assessee's right to object based on legal and factual grounds.

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Issues:
1. Whether the Tribunal's order directing the assessing officer to adopt the DVO's valuation or Registered Stamp Valuation whichever is less deprived the assessee of the opportunity to raise objections regarding the DVO's valuationRs.
2. Whether the assessing officer should entertain the assessee's challenge to the DVO's valuation even if it is an independent reportRs.

Analysis:
1. The assessee contended that the Tribunal's order dated 11.03.2011 did not provide an opportunity for the assessee to object to the valuation made by the DVO before the assessing officer. The Tribunal had directed the assessing officer to adopt the DVO's valuation or Registered Stamp Valuation, whichever is less. The assessee argued that this deprived them of the chance to challenge the DVO's valuation. The Tribunal acknowledged this mistake and rectified it by directing the assessing officer to afford the assessee an opportunity to challenge the DVO's valuation.

2. The assessing officer argued that the DVO's valuation is an independent report and should not be subject to challenge by the assessee. However, the Tribunal noted that the DVO's valuation is not the final word on valuation and can be challenged by the assessee. Citing a judgment from the ITAT Ahmedabad, the Tribunal emphasized that the correctness of the DVO's report should be examined on merits. Therefore, the Tribunal directed the assessing officer to reexamine the DVO's valuation report and allowed the assessee to challenge it if found inconsistent on law or facts.

The Tribunal's decision highlighted the importance of affording the assessee the opportunity to challenge the DVO's valuation and rectifying the mistake in the Tribunal's previous order. The judgment also clarified that the DVO's valuation is not beyond challenge and should be subject to scrutiny based on law and facts.

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