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CIT(A) overreach: ITAT Mumbai quashes addition on land purchases, remands 43CA issue to AO
Case Law Details
- Case Name
- Hirji Parbat Gada Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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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 protectiv...
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