ITAT Surat Judgments — June 2025

The Tribunal held that the Pr. CIT had wrongly exercised jurisdiction under section 263. The assessee had provided sufficient documentation to the AO, demonstrating the genuineness of the transactions. The Pr. CIT failed to point out any specific defect or lacuna in the assessee's submissions or the AO's inquiry.

The Tribunal admitted the additional grounds of appeal regarding the non-reference to the Valuation Officer (DVO) for determining the cost of acquisition and fair market value. It noted that the assessee had repeatedly requested the CIT(A) to refer the matter to the DVO, which was not done.