CIT(A) overreach: ITAT Mumbai quashes addition on land purchases, remands 43CA issue to AO

Hirji Parbat Gada Vs ITO (ITAT Mumbai) In a significant ruling, the Mumbai ITAT has provided substantial relief to a real estate dealer by quashing additions on account of undervaluation of land purchases &  remanding a separate issue on property sales for fresh adjudication.  . Assessee, engaged in the business of real estate trading, had purchased multiple land parcels  at prices lower than the stamp duty valuation. AO treated the differential value between the purchase price &  the stamp duty value as “income from other sources” u/s 143(3) on a protective basis, pending a ...