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The ITAT held that the addition under section 43CA for AY 2015-16, relating to the difference between the sale consideration and stamp duty value of commercial properties, was unsustainable. The sale transaction was completed and possession delivered on 13.07.2013, with full consideration received and income offered in AY 2014-15. Once income is taxed in the correct assessment year, it cannot be taxed again in a subsequent year, applying the doctrine of consistency and finality. Section 2(47)(v) and section 53A of the Transfer of Property Act confirm the transaction's taxability upon possession delivery, irrespective of later registration. Section 43CA was inapplicable as conditions were unmet and the valuation date was irrelevant. Consequently, the addition was deleted, and the assessee's appeal was allowed.
The ITAT held that the addition under section 43CA for AY 2015-16, relating to the difference between the sale consideration and stamp duty value of commercial properties, was unsustainable. The sale transaction was completed and possession delivered on 13.07.2013, with full consideration received and income offered in AY 2014-15. Once income is taxed in the correct assessment year, it cannot be taxed again in a subsequent year, applying the doctrine of consistency and finality. Section 2(47)(v) and section 53A of the Transfer of Property Act confirm the transaction's taxability upon possession delivery, irrespective of later registration. Section 43CA was inapplicable as conditions were unmet and the valuation date was irrelevant. Consequently, the addition was deleted, and the assessee's appeal was allowed.
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