https://www.taxtmi.com/caselaws?id=433318 The ITAT Chennai set aside the addition made under Section 56(2)(vii)(b) of the Income Tax Act, 1961, by the Assessing Officer due to the failure to wait for the Departmental Valuation Officer's report. The ITAT directed a reassessment considering the DVO's valuation report, emphasizing the importance of proper assessment procedures in property transactions. The Assessee's appeal was allowed for statistical purposes, highlighting the significance of awaiting expert valuation before making income additions. en-us Tue, 20 Sep 2022 00:00:00 +0530 Fri, 27 Jan 2023 08:33:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433318 The ITAT Chennai set aside the addition made under Section 56(2)(vii)(b) of the Income Tax Act, 1961, by the Assessing Officer due to the failure to wait for the Departmental Valuation Officer's report. The ITAT directed a reassessment considering the DVO's valuation report, emphasizing the importance of proper assessment procedures in property transactions. The Assessee's appeal was allowed for statistical purposes, highlighting the significance of awaiting expert valuation before making income additions. Case-Laws Income Tax Tue, 20 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433318