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ITAT quashes Annual Letting Value determination of Un-sold Units for AY 2014-15
Case Law Details
- Case Name
- Pride Purple Properties Vs DCIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
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Pride Purple Properties Vs DCIT (ITAT Pune)
In a pivotal ruling, the Income Tax Appellate Tribunal (ITAT), Pune, in the case of Pride Purple Properties Vs DCIT, has overturned the retrospective determination of the annual letting value of un-sold residential units based on a prospective amendment. The judgement has significant implications for the real estate industry, particularly for builders holding unsold units.
Analysis: The ITAT, considering the provisions of section 23(4) of the Income-tax Act, 1961, highlighted that the Finance Act, 2017’s introduction of sub-section (5) to secti...
