https://www.taxtmi.com/caselaws?id=353449 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision, dismissing the Revenue's appeal. The ITAT agreed that the reference to the Departmental Valuation Officer (DVO) under Section 55A was invalid as the declared value exceeded the fair market value. Additionally, the ITAT affirmed that the amendment to Section 55A, effective from 01.07.2012, was prospective and not applicable to the assessment year in question. Consequently, the CIT(A)'s deletion of the AO's addition of Rs. 39,33,748/- was upheld. The Revenue's appeal was dismissed on 23rd November 2017. en-us Thu, 23 Nov 2017 00:00:00 +0530 Thu, 04 Jan 2018 09:23:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353449 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals) [CIT(A)]'s decision, dismissing the Revenue's appeal. The ITAT agreed that the reference to the Departmental Valuation Officer (DVO) under Section 55A was invalid as the declared value exceeded the fair market value. Additionally, the ITAT affirmed that the amendment to Section 55A, effective from 01.07.2012, was prospective and not applicable to the assessment year in question. Consequently, the CIT(A)'s deletion of the AO's addition of Rs. 39,33,748/- was upheld. The Revenue's appeal was dismissed on 23rd November 2017. Case-Laws Income Tax Thu, 23 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353449