addition
of Rs. 20,38,324/- while invoking the provisions of section 43CA of the Act.
2. Briefly stated, the facts of the case ... time of booking and as such
the provision of section 43CA are not applicable on it. The Assessing Officer,
on perusal of the registered documents
sold below the market
value/stamp duty valuation except submitting that section 43CA is
applicable from 01.04.2014 and therefore, not applicable ... Jainam Constructions
evidence and to substantiate the claim contended that section 43CA had
been inserted from 01.04.2014, therefore, the provision is not applicable
been used in the provisions of section 50C and section 43CA of the Act, had
there been any intention on their part ... immovable property covers only Individual or HUF, whereas
provisions of section 50C / 43CA applicable to the transferor of the property
cover all the assessee
presumed that the AO applied th e
pro visions of section 43CA of the Act wh ich came into effect only
from ... stamp duty could be made only as per the provisions of
section 43CA of the Act and not section 50C. However, the provisions of
section
trade. This view is further strengthened by the fact that section 43CA
has been introduced into the Act w.e.f. 1st April, 2014 which ... than
capital assets on the basis of stamp duty valuation. This section 43CA
of the Act finds a place as a part of Chapter
price cannot
be substituted by the circle rate as provisions of section 43CA came into effect
were introduced by Finance Act, 2013 is with effect ... circle rate. He
submitted that at nowhere the provision of section 43CA has been invoked
and, therefore, the learned authorized representative has incorrectly assumed
such
this regard he drew attention to certain statutory provisions.
(i) Sec.43CA(1) Where the consideration received or accruing as a
result of the transfer
such agreement. A later similar
provision inserted by way of section 43CA does take care of such a
situation.
6.2 It is therefore proposed ... consideration is fixed in such agreement, whereas similar
provision exists in section 43CA of the Act i.e. when an immovable
property is sold
Ito 25(3)(4), Mumbai vs Fine Developers, Mumbai on 28 February, 2018
IN THE
situations to replace Sale Price by Fair
Market Value:-
3.12.1 Section 43CA where for sale of land and building in the regular
course of business
