Transfer effective on possession, Not registration – ITAT applies Section 2(47)(v)- Section 43CA cannot override completed Transfer: ITAT Mumbai

Navketan Premises Pvt. Ltd Vs DCIT (ITAT Mumbai) Transfer effective on possession, Not registration – ITAT applies Section 2(47)(v)- Section 43CA cannot override completed Transfer  : ITAT Mumbai; DVO Valuation irrelevant when sale & possession completed in prior year The issue before the Tribunal was the addition of ₹3.56 crore u/s 43CA for alleged undervaluation in sale of commercial property based on stamp duty/DVO valuation, rather than declared sale consideration. Assessee, a real estate developer, sold four commercial units in “Hi-Life Mall,Mumbai.  The possession & ...