Challenge on FMV Assessed Based on Occupancy Certificate: ITAT Upholds CIT(A) Order in Absence of Contrary

The ITAT upheld the CIT(A) order regarding the challenge on Fair Market Value (FMV) assessed based on an occupancy certificate. The case involved a dispute where the FMV of a property was assessed, and the taxpayer challenged it, arguing that the basis of the valuation, particularly the occupancy certificate, was flawed. The ITAT found that there was no contrary evidence to dispute the FMV assessment and upheld the CIT(A) order. This ruling reinforces the importance of proper documentation, including occupancy certificates, in determining the FMV of properties. It also highlights the need for taxpayers to provide substantial evidence when contesting assessments and valuations conducted by tax authorities.