No addition on basis of application of Sec 43CA in absence of element of transfer

Seema Promoters and Builders Pvt. Ltd Vs DCIT (ITAT Mumbai);

Conclusion: Income tax addition could not be made under section 43CA in absence of element of transfer. When assessee was not an owner of any asset, there couldn’t be any question of transferring the same to someone else whether provisions of sec43CA was complied with or not would be a secondary issue.

Held: Assessee-company was engaged in the business as Builder/promoter of residential and com

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