FMV determined by registered valuer after considering relevant factors cannot be ignored

Harivadanbhai Maganlal Patel Vs ITO (ITAT Surat) ITAT Surat held that fair market value (FMV) by the registered valuers is determined after taking into account all the relevant factors like size, shape, situation, location, utility, future potentiality, etc. accordingly, the same cannot be ignore. Facts- The assessee is an individual. The four co-owners had sold immovable properties at Rs.3,14,17,500/- in which assessee’s share is shown at Rs.62,83,500/-. On going through the sale deed, the assessing officer noted that stamp duty payment is shown at Rs.15,39,500/- which means that the proper...