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The ITAT remitted the issue of valuation under section 56(2)(vii)(b) back to the AO for obtaining a revised detailed valuation report from the DVO, considering additional evidence submitted by the assessee challenging the comparability and encumbrance discounts applied by the original DVO report. The tribunal found merit in the assessee's contentions that the sale instances used by the DVO were not appropriate comparables due to differences in land size, type (leasehold vs. freehold), and nature of encumbrances. The tribunal declined to accept the purchase price as the correct value but held that the original DVO valuation was inadequately justified. Other grounds regarding applicability of section 56(2)(vii)(b) were left undecided. The appeal was allowed for statistical purposes.
The ITAT remitted the issue of valuation under section 56(2)(vii)(b) back to the AO for obtaining a revised detailed valuation report from the DVO, considering additional evidence submitted by the assessee challenging the comparability and encumbrance discounts applied by the original DVO report. The tribunal found merit in the assessee's contentions that the sale instances used by the DVO were not appropriate comparables due to differences in land size, type (leasehold vs. freehold), and nature of encumbrances. The tribunal declined to accept the purchase price as the correct value but held that the original DVO valuation was inadequately justified. Other grounds regarding applicability of section 56(2)(vii)(b) were left undecided. The appeal was allowed for statistical purposes.
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