Coch.) Shanti Complex vs ITO: 63 ITD 181 (Pat.) (TM) Chitra Publicity Company (P) Ltd. v. ACIT

AMITA SINGH,KAIMUR vs. ASSESSEMENT CENTER , DELHI, DELHI

In the result, the appeal of the assessee is dismissed

Bench: Shri Duvvuru Rl Reddy, Vice-(Kz) I.T.A. No. 606/Pat/2024 Assessment Year: 2018-2019 Amita Singh,………………………….……..……Appellant Prop. M/S. Singh Auto Centre, Village- Helwanta, Post-Kudra, Kaimur-881108, Bihar [Pan:Bhzps1664R] -Vs.- Assessment Centre, …………………………...Respondent Delhi, National Faceless Appeal Centre, New Delhi Appearances By: Shri Rakesh Kumar, Advocate, Appeared On Behalf Of The Assessee Shri Ashwani Kr. Singal, Jcit, Appeared On Behalf Of The Revenue Date Of Concluding The Hearing: January 02, 2025 Date Of Pronouncing The Order: March 21, 2025 O R D E R

…he ld. CIT(Appeals) that fair market value is based on estimation of actual ongoing rate of similar property in the same locality by the DVO runs counter to the method adopted by the DVO. He also relied on the decision of the ITAT, Hyderabad Bench reported in 82 ITD 1 at page 9, wherein it has been held that “where two or more methods of valuation are available for 3 Amita Singh determining the cost of construction and the statute does not provide for any particular method to be adopted, therefore, the opinion of the method of the valuation should be given to the assessee, as otherwise it would cost grave prejud…