ITAT Deletes Section 43CA Addition as DVO Valuation Difference Was Within 10% Safe Harbour Limit

Shreem Properties Vs DCIT (ITAT Mumbai) The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal filed by a partnership firm engaged in the business of building construction and development against the addition made under Section 43CA of the Income Tax Act for Assessment Year 2018-19. The assessee had filed its return of income declaring total income of Rs. 9.22 crore. During scrutiny assessment, the Assessing Officer observed that four immovable properties had been sold at values lower than the values adopted by the stamp valuation authorities for stamp duty purposes. A...