https://www.taxtmi.com/highlights?id=78984 The Appellate Tribunal considered two main issues: 1. Addition u/s 37(1) - Assessee incurred business loss due to default in property payment, allowed as revenue loss. 2. Non-referral to DVO for property valuation - AO's additions deleted as assessee sold property below stamp valuation, objections ignored. Tribunal dismissed Revenue's appeal, upholding CIT(A)'s decision on both issues. The Tribunal rejected reliance on a non-jurisdictional case cited by the Revenue. en-us Mon, 01 Jul 2024 08:32:04 +0530 Mon, 01 Jul 2024 08:32:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78984 The Appellate Tribunal considered two main issues: 1. Addition u/s 37(1) - Assessee incurred business loss due to default in property payment, allowed as revenue loss. 2. Non-referral to DVO for property valuation - AO's additions deleted as assessee sold property below stamp valuation, objections ignored. Tribunal dismissed Revenue's appeal, upholding CIT(A)'s decision on both issues. The Tribunal rejected reliance on a non-jurisdictional case cited by the Revenue. Highlights Income Tax Mon, 01 Jul 2024 08:32:04 +0530 https://www.taxtmi.com/highlights?id=78984