https://www.taxtmi.com/highlights?id=85167 ITAT upheld the valuation report of the Departmental Valuation Officer (DVO) over the registered valuer's assessment. The appellant failed to provide substantive evidence to challenge the DVO's valuation, which they claimed was arbitrary and unreasonable. The assessee's invocation of section 56(2)(vii) read with section 50C lacked supporting documentation, and no such claim was initially raised during rectification proceedings u/s 154. The CIT(A)'s decision was sustained as the appellant presented mere averments without cogent documentary evidence to invalidate the revenue authorities' determinations. The tribunal found the DVO's report valid and reasonable, dismissing the appeal against the assessee. en-us Sat, 25 Jan 2025 08:26:36 +0530 Sat, 25 Jan 2025 08:26:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=85167 ITAT upheld the valuation report of the Departmental Valuation Officer (DVO) over the registered valuer's assessment. The appellant failed to provide substantive evidence to challenge the DVO's valuation, which they claimed was arbitrary and unreasonable. The assessee's invocation of section 56(2)(vii) read with section 50C lacked supporting documentation, and no such claim was initially raised during rectification proceedings u/s 154. The CIT(A)'s decision was sustained as the appellant presented mere averments without cogent documentary evidence to invalidate the revenue authorities' determinations. The tribunal found the DVO's report valid and reasonable, dismissing the appeal against the assessee. Highlights Income Tax Sat, 25 Jan 2025 08:26:36 +0530 https://www.taxtmi.com/highlights?id=85167