Section 43CA doesn’t apply to agreement to sell entered prior to 1st April 2014

Reegal Construction Vs ITO (ITAT Kolkata) ITAT Kolkata held that as provisions of section 43CA of the Income Tax Act are introduced with effect from 1st April 2014, the said provisions are not applicable to ‘agreement to sell’ entered prior to 1st April 2014. Facts- During the assessment proceedings, the Assessing Officer (AO) noted that as per the audited accounts, the assessee had shown sale of 12 flats, one office room and four shops (total 17) at a consideration of Rs.3,00,32,750/-. Further, as per the information obtained from the sub-Registrar office, the assessee had sold total 18 p...