24 December 2010
During the course of search at house of assessee department not agreed regarding valuation of house even valuation report of approved valuer already has been kept by assessee and produced before authority. My query is that can department denied the such valuation report and go for furthet valuation of such house.
24 December 2010
Yes, Department can deny the Registered valuer's report and send it for departmental valuation officer (DVO). But it should first give valid reasons to rejecting the registered valuer's report. If the assessee maintains books of account regarding construction of property, then ITO must first reject the books and then send it for DVO.
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