https://www.taxtmi.com/caselaws?id=401372 The Tribunal held that the reference to the District Valuation Officer (DVO) was invalid under the unamended provisions of Section 55A of the Income Tax Act. Consequently, the additions based on the DVO's report were deleted, and the appeals were decided in favor of the assessees. The Tribunal's decision was grounded on the non-retrospective nature of the Section 55A amendment, which could not apply to the relevant assessment year. The interest-related issues were not addressed as the primary issue resolved the case in favor of the assessees. en-us Fri, 27 Nov 2020 00:00:00 +0530 Sat, 05 Dec 2020 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401372 The Tribunal held that the reference to the District Valuation Officer (DVO) was invalid under the unamended provisions of Section 55A of the Income Tax Act. Consequently, the additions based on the DVO's report were deleted, and the appeals were decided in favor of the assessees. The Tribunal's decision was grounded on the non-retrospective nature of the Section 55A amendment, which could not apply to the relevant assessment year. The interest-related issues were not addressed as the primary issue resolved the case in favor of the assessees. Case-Laws Income Tax Fri, 27 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401372