Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
ITAT ruled in favor of assessee regarding additions under s.43CA concerning sale of 12 flats below market value. While market value exceeded agreement value at registration, documentation proved agreement values were compliant with market rates at booking time. ITAT emphasized that mere auditor observations about lower sale values cannot justify additions without considering Act provisions. Since assessee received partial consideration as advance per original agreements and executed sales based on those values despite subsequent market appreciation, no additions were warranted under s.43CA(3) and (4). The significant time gap between booking and registration dates explained the apparent value discrepancy.
ITAT ruled in favor of assessee regarding additions under s.43CA concerning sale of 12 flats below market value. While market value exceeded agreement value at registration, documentation proved agreement values were compliant with market rates at booking time. ITAT emphasized that mere auditor observations about lower sale values cannot justify additions without considering Act provisions. Since assessee received partial consideration as advance per original agreements and executed sales based on those values despite subsequent market appreciation, no additions were warranted under s.43CA(3) and (4). The significant time gap between booking and registration dates explained the apparent value discrepancy.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
