Section 43CA doesn’t apply when market value is more than agreed value as on date of booking

Bansal Land Developers Vs ITO (ITAT Pune) ITAT Pune held that provisions of section 43CA of the Income Tax Act doesn’t apply when the market value (Govt. value) is more than the agreed value as on the date of booking and market value has gone up during long gap between the date of booking and the date of sale. Facts- The assessee is a partnership firm engaged in business as builders and developers and follows the Percentage completion method. During the course of assessment proceedings the Assessing Officer noted that the assessee has hold 50 units / flats held as stock-in-trade, out of whic...