Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
