https://www.taxtmi.com/caselaws?id=771818 ITAT Mumbai held that the DVO's valuation report inadequately considered comparable properties when determining fair market value under section 56(2)(x). The DVO compared the subject property (a 1961 three-story building without lift or amenities, repaired in 1992) with group housing society flats having parking, lift, and security facilities. Finding the comparison inappropriate, ITAT directed the AO to reduce the DVO's valuation by 2% to account for the property's inferior amenities and recompute the addition. The assessee's appeal was partly allowed. en-us Wed, 28 May 2025 00:00:00 +0530 Fri, 30 May 2025 09:29:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771818 ITAT Mumbai held that the DVO's valuation report inadequately considered comparable properties when determining fair market value under section 56(2)(x). The DVO compared the subject property (a 1961 three-story building without lift or amenities, repaired in 1992) with group housing society flats having parking, lift, and security facilities. Finding the comparison inappropriate, ITAT directed the AO to reduce the DVO's valuation by 2% to account for the property's inferior amenities and recompute the addition. The assessee's appeal was partly allowed. Case-Laws Income Tax Wed, 28 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771818