AdvertisementVed Kumari Subhash Chander Vs ITO (ITAT Delhi) The Delhi Bench of the Income Tax Appellate Tribunal heard the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals)-2, Gurgaon for Assessment Year 2011-12. The dispute concerned the determination of the fair market value (FMV) of a residential property as on 1 April 1981 for computing long-term capital gains. The assessee also challenged the computation of capital gains based on the reduced FMV adopted by the Assessing Officer. During the relevant year, the assessee, along with four other co-owners, sold a resident...