Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
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The ITAT held that the AO erred in disregarding the registered valuer's report without specific factual contradictions and in assuming jurisdiction to determine the fair market value (FMV) independently using circle rates and interpolation, without referring the matter to the Departmental Valuation Officer (DVO) as mandated by the Act. The tribunal emphasized that conversion rates and circle rates may only corroborate expert valuations but cannot replace the statutory valuation process. The AO's failure to consider supplementary comparable sale deeds and to conduct independent inquiries into surrounding property values was also noted. The DRP's direction to compute the cost of acquisition using Land & Development Office conversion rates was held to be erroneous. Consequently, the valuation report prepared by the qualified valuer was upheld, and the appeal was allowed, directing acceptance of the expert valuation and reference to the DVO for valuation purposes.
The ITAT held that the AO erred in disregarding the registered valuer's report without specific factual contradictions and in assuming jurisdiction to determine the fair market value (FMV) independently using circle rates and interpolation, without referring the matter to the Departmental Valuation Officer (DVO) as mandated by the Act. The tribunal emphasized that conversion rates and circle rates may only corroborate expert valuations but cannot replace the statutory valuation process. The AO's failure to consider supplementary comparable sale deeds and to conduct independent inquiries into surrounding property values was also noted. The DRP's direction to compute the cost of acquisition using Land & Development Office conversion rates was held to be erroneous. Consequently, the valuation report prepared by the qualified valuer was upheld, and the appeal was allowed, directing acceptance of the expert valuation and reference to the DVO for valuation purposes.
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