Addition u/s. 43CA quashed as stamp duty and agreement value difference is less than allowable limit

Om Shriniwas Developers Vs ITO (ITAT Pune) ITAT Pune held that addition by invoking provisions of section 43CA of the Income Tax Act cannot be sustained since the difference between the Stamp Duty Value and agreement value is less than the allowable limit of 5%. Facts- Assessee is a partnership firm, engaged in the business of builders and developers. Post completion of scrutiny assessment, reassessment proceedings were initiated. During the proceedings u/s.148A of the Act, Assessee submitted that only two flats have been sold at a price which is less than stamp duty value. However, the differ...