Public Auction Sale Deed Value is to be Considered as Fair Market Price

ITO Vs Mahavir Enterprises (ITAT Mumbai) Introduction: The Income Tax Appellate Tribunal (ITAT) Mumbai recently passed an order in the case of ITO vs Mahavir Enterprises, shedding light on how fair market value should be determined for the purposes of stamp duty. This decision, passed on July 27, 2023, comes as an important precedent in property valuation and taxation. Grounds Raised by the Revenue: In this case, the Revenue challenged the deletion of addition made by the Assessing Officer under section 56(2)(x) of the Income Tax Act, 1961. The main issues were: 1. Whether the deletion was j...