Home Highlights July 2013 Year 2013 This

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1. Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

2. Valuation by DVO - addition based on estimated cost disregarding actual cost as per books - applicability of section 142A before amendment - non-rejection of books - AO...

3. Validity of reference made to the Departmental Valuation Officer (DVO) u/s 55A - The provisions of Section 55A(b)(ii)can be invoked only in case the valuation report is...

4. Unexplained investment u/s. 69 - DDIT (Inv.) could not have referred the question of cost of construction/valuation of the assessee’s building to the Valuation Officer...

5. AO rejected registered valuer's report for cost of acquisition and relied on section 55A. ITAT held that if AO was unsatisfied with registered valuer's report, he should...

6. Reference of matter to DVO - assessee challenged the fair market value adopted by the assessing officer during the course of assessment proceeding itself and made a...

7. Sale consideration determined by Stamp Duty Authority for value determined by DVO - A.O. erred in referring the matter to the DVO u/s 55A as reference can only be made...

8. Validity of assessment u/s 143(3) instead of Assessment u/s 153C - There may be a case where situation and condition of section 153C is satisfied, in that case the AO...

9. Validity of making a reference to the DVO u/s 142A - unexplained expenditure u/s 69C - ejection of books of accounts is a pre-condition for making a reference to DVO and...

10. Benefit of section 80G - The fulfilment of conditions under Section 10(23C) of the Act is only one of the conditions prescribed under Section 80G of the Act but besides...

11. Reference to DVO - Determination of cost of acquisition - if the value declared by an assessee on the strength of registered valuer’s report is more than the fair market...

12. CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

13. Revision u/s 263 based on DVO's report received after assessment culmination was invalid as per section 142A(4), DVO failed to provide opportunity of being heard to...

14. Unexplained investment in immovable property - addition u/s 69 - AO, before referring the matter to DVO for valuation of the investment in the property, should have...

15. Difference in the investment as shown by the assessee and as ascertained by DVO - addition u/s 69 or 69B - the condition precedent for making a reference to the DVO is...