Section 43CA Inapplicable to Property Transactions Initiated Before 1 April 2014: ITAT Mumbai

Lodha Developers Limited Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, decided the assessee’s appeal and the Revenue’s cross-appeal arising from the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year (AY) 2014-15. The issues related to the applicability of Section 43CA, deduction of interest under Section 36(1)(iii), and allowability of foreign exchange loss. In the assessee’s appeal, the dispute concerned an addition of Rs. 2,05,97,289 made under Section 43CA of the Income-tax Act. The assessee submitted that two flats in...