https://www.taxtmi.com/caselaws?id=460748 ITAT Raipur allowed the assessee's appeal for statistical purposes in a case involving disallowance under section 56(2)(vii)(b)(ii). The AO had initially rejected the assessee's request to refer the matter to the District Valuation Officer (DVO) to avoid assessment delays, which was upheld by CIT(A). However, ITAT found that the AO should have referred the matter to DVO for determining the full market value of the land. Following precedents from ITAT Jaipur and Kolkata, the tribunal remitted the issue back to the AO for fresh determination after obtaining a valuation report from DVO. en-us Tue, 26 Jul 2022 00:00:00 +0530 Fri, 14 Feb 2025 19:05:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460748 ITAT Raipur allowed the assessee's appeal for statistical purposes in a case involving disallowance under section 56(2)(vii)(b)(ii). The AO had initially rejected the assessee's request to refer the matter to the District Valuation Officer (DVO) to avoid assessment delays, which was upheld by CIT(A). However, ITAT found that the AO should have referred the matter to DVO for determining the full market value of the land. Following precedents from ITAT Jaipur and Kolkata, the tribunal remitted the issue back to the AO for fresh determination after obtaining a valuation report from DVO. Case-Laws Income Tax Tue, 26 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460748