https://www.taxtmi.com/caselaws?id=757044 The ITAT Pune ruled in favor of the assessee on two issues. First, regarding addition under section 43CA, the tribunal held that no addition was warranted since the assessee received advance payments by cheque per the agreement and sale deeds were executed based on agreement value despite higher market prices, satisfying provisions of sub-clauses (3) and (4) of section 43CA. Second, concerning addition under section 40(a)(ia) for non-deduction of TDS on compensation for surrender of rights, the tribunal followed Beacon Projects precedent, ruling that compensation payments for cancellation of apartment booking cannot be classified as interest under section 2(28A), thus no TDS obligation exists. en-us Mon, 12 Aug 2024 00:00:00 +0530 Wed, 14 Aug 2024 08:33:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757044 The ITAT Pune ruled in favor of the assessee on two issues. First, regarding addition under section 43CA, the tribunal held that no addition was warranted since the assessee received advance payments by cheque per the agreement and sale deeds were executed based on agreement value despite higher market prices, satisfying provisions of sub-clauses (3) and (4) of section 43CA. Second, concerning addition under section 40(a)(ia) for non-deduction of TDS on compensation for surrender of rights, the tribunal followed Beacon Projects precedent, ruling that compensation payments for cancellation of apartment booking cannot be classified as interest under section 2(28A), thus no TDS obligation exists. Case-Laws Income Tax Mon, 12 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757044