There cannot be two FMV for the same property on a given date: ITAT Mumbai

Imran Mohamed Ali Kapadia Vs ITO (ITAT Mumbai) Introduction: In a recent case, the Income Tax Appellate Tribunal (ITAT) in Mumbai issued an order in the matter of Imran Mohamed Ali Kapadia vs. Income Tax Officer (ITO). The primary issue revolved around the determination of the Fair Market Value (FMV) for an immovable property for the purpose of tax assessment. Detailed Analysis 1. Background: Imran Kapadia and his brother purchased a flat in a building known as Modern Enclave. The developer, Mahanagar Construction Pvt. Ltd., issued an allotment letter in their joint names. The total considerat...