Handicraft job work receives concessional GST only for registered principals and predominantly handmade goods; commercial resin articles remain taxabl...
Reassessment disclosure requirements permit stated reasons without revealing information sources, but prior-taxation claims require full examination b...
Independent assessment discretion and corroborated electronic evidence determine validity of on-money additions and undisclosed-consideration assessme...
AO rejected registered valuer's report for cost of acquisition and relied on section 55A. ITAT held that if AO was unsatisfied with registered valuer's report, he should have referred property to departmental valuation officer (DVO) instead of outrightly rejecting report. Since property was old, received as gift, and cost of acquisition unascertainable, fair market value as per clause (3) of Explanation to section 48 was required to be taken. AO directed to adopt fair market value as per rates adopted by registered valuer in reports filed during assessment proceedings, unless he formed opinion that claimed value varied from fair market value, in which case referral to DVO was required. Assessee's appeal allowed.
AO rejected registered valuer's report for cost of acquisition and relied on section 55A. ITAT held that if AO was unsatisfied with registered valuer's report, he should have referred property to departmental valuation officer (DVO) instead of outrightly rejecting report. Since property was old, received as gift, and cost of acquisition unascertainable, fair market value as per clause (3) of Explanation to section 48 was required to be taken. AO directed to adopt fair market value as per rates adopted by registered valuer in reports filed during assessment proceedings, unless he formed opinion that claimed value varied from fair market value, in which case referral to DVO was required. Assessee's appeal allowed.
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