https://www.taxtmi.com/caselaws?id=449546 The ITAT Chennai held that when an assessee declares a fair market value higher than the District Valuation Officer's (DVO) estimate, the DVO's lower valuation cannot be adopted for capital gains computation. The assessee declared property value at Rs. 21,58,689 as on 01.04.1981, while DVO estimated Rs. 27,000. Following Bombay HC precedent in Daulal Mohta case, the tribunal ruled that DVO reference is only permissible when assessee's declared value is less than fair market value, not when it exceeds it. The appeal was allowed, reversing lower authorities' orders. en-us Fri, 09 Feb 2024 00:00:00 +0530 Tue, 13 Feb 2024 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449546 The ITAT Chennai held that when an assessee declares a fair market value higher than the District Valuation Officer's (DVO) estimate, the DVO's lower valuation cannot be adopted for capital gains computation. The assessee declared property value at Rs. 21,58,689 as on 01.04.1981, while DVO estimated Rs. 27,000. Following Bombay HC precedent in Daulal Mohta case, the tribunal ruled that DVO reference is only permissible when assessee's declared value is less than fair market value, not when it exceeds it. The appeal was allowed, reversing lower authorities' orders. Case-Laws Income Tax Fri, 09 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449546