Farmer bought land at less than stamp duty value, got income tax notice; How DVO report helped him win Rs 18.24 lakh tax dispute in ITAT Surat

Mr. Desai, encountered difficulties with the Income Tax Department after purchasing land for a price less than the stamp duty value. The Income Tax Department attempted to levy taxes on an Rs 18.24 lakh discrepancy, but his Chartered Accountant opposed this claim. The case was sent to the Departmental Valuation Officer, who appraised the land at Rs 14.08 lakh.

from Tax-Wealth-Economic Times https://ift.tt/OzbKHmU