https://www.taxtmi.com/caselaws?id=221143 The Tribunal ruled in favor of the assessee, holding that the revised return filed by the assessee was valid as it substantially changed reported losses based on a registered valuer's report. Additionally, the Tribunal found that the reference to the Departmental Valuation Officer (DVO) was not valid under Section 55A as the fair market value claimed by the assessee was higher than the DVO's estimate. The Tribunal also upheld the deletion of disallowance on account of expenses by the CIT(A) as the assessee had continued its share trading activities. Consequently, the Tribunal allowed the assessee's appeal and dismissed the revenue's appeal and the assessee's cross-objection. en-us Fri, 13 Jan 2012 00:00:00 +0530 Mon, 25 Feb 2013 10:10:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221143 The Tribunal ruled in favor of the assessee, holding that the revised return filed by the assessee was valid as it substantially changed reported losses based on a registered valuer's report. Additionally, the Tribunal found that the reference to the Departmental Valuation Officer (DVO) was not valid under Section 55A as the fair market value claimed by the assessee was higher than the DVO's estimate. The Tribunal also upheld the deletion of disallowance on account of expenses by the CIT(A) as the assessee had continued its share trading activities. Consequently, the Tribunal allowed the assessee's appeal and dismissed the revenue's appeal and the assessee's cross-objection. Case-Laws Income Tax Fri, 13 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221143