Amendment to section 43CA vide Finance Act 2020 has retrospective application: ITAT Kolkata

ACIT Vs Ashiana Housing Limited (ITAT Kolkata) ITAT Kolkata held that amendment to section 43CA of the Income Tax Act vide the Finance Act, 2020 via which tolerance band for deviation between actual sale price and stamp duty valuation increased from 5% to 10% has retrospective application. Facts- AO observed that there were 29 units sold whose aggregate value adopted or assessable as per stamp duty authorities amounted to Rs. 7,36,67,037/-. This was against an aggregate consideration received of Rs. 6,94,66,311/-. The differential value amounting to Rs. 42,00,726/- was added back u/s 43CA of t...