Officer has not inquired into the applicability of the provisions of
section 43CA of the Act and addition of interest cost ... market value adopted for
stamp duty purposes, the provisions of section 43CA of the Act are squarely
applicable in the case of the assessee. Further
safe
harbour limits of 10% as per first proviso to section 43CA(1) .
14. Referring to the decision of the Pune Bench of the Tribunal ... said
decision has held that the application of first proviso to section 43CA of the Act is
having retrospective effect.
15. He also relied
mentioned in the Finance Act, 2020 .
2
Before proceeding provisions of section 43CA of the act as inserted by
Finance ... such transfer.
(2) The provisions of sub-section
sub (2) and sub-section
section (3) of section 50C
shall, so far as may be, apply
mentioned in the Finance Act, 2020 .
2
Before proceeding provisions of section 43CA of the act as inserted by
Finance ... such transfer.
(2) The provisions of sub-section
sub (2) and sub-section
section (3) of section 50C
shall, so far as may be, apply
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
made an addition of Rs.17,46,440/- under section 43CA of
the Act on account of sale of immovable property. In addition ... from the
sale of immovable properties under the provisions of Section 50C and Section 43CA
of the Act. Column No. 17 of Form
Finance Act 2018 has
inserted a proviso to sub-section (1) of section 43CA providing 5%
tolerance limit in variation between declared sale consideration ... sections are similarly
worded except that both the sections have application on different sets of
assessee. As has been pointed earlier, Section 43CA gets attracted
Considering the above mentioned facts & discussion and clear language of Section 43CA & 50C
of Income Tax act 1961, this Appellate authority ... Thus, considering the above-mentioned facts & discussion and language of Section 43CA , 50C
& 69 of the income-Tax act 1961, this Appellate authority
Income-tax Act that the first proviso to
the section 43CA of the Act is retrospective and unless explicitly stated, a piece of
legislation ... compute the
profits and gains and invoked the provisions of section 43CA to make
the addition. He contended that amendment made by Finance
with the above submission of the
assessee that the amendment to sections 43CA , 50C and 56(2)(vii)
50C of the Act and explained vide ... 43CA , Section 50C and Section-
56 and in order to minimize hardship in ease of genuine transactions
in the real estate sector, section-43CA, Section
