Section 43CA Inapplicable to Pre-2013 Allotment Agreements and 5% Value Difference: ITAT Mumbai

Advertisement Spenta Enterprises Vs ACIT (ITAT Mumbai) Section 43CA Inapplicable to Pre-2013 Allotment Agreements and 5% Value Difference: ITAT Mumbai The ITAT Mumbai considered the assessee’s appeal against the order of the CIT(A) for Assessment Year 2014-15 concerning additions made under Section 43CA of the Income-tax Act. The assessee, engaged in the business of builders, developers and realtors, challenged the addition on the ground that the shops had been allotted under letters dated 06.09.2009 and 27.12.2012, prior to the introduction of Section 43CA with effect from 01.04.2013...