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[Cites 0, Cited by 36] [Section 2] [Entire Act]

Union of India - Subsection

Section 2(22B) in The Income Tax Act, 1961

(22B)"fair market value", in relation to a capital asset, means—
(i)the price that the capital asset would ordinarily fetch on sale in the open market on the relevant date ; and
(ii)where the price referred to in sub-clause (i) is not ascertainable, such price as may be determined in accordance with the rules made under this Act ;