Reciprocal plot exchanges: Consideration in kind prevents section 43CA valuation addition where no stamp-duty shortfall exists.

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....Reciprocal transfers of developed plots under a pre-existing arrangement for consolidating fragmented ownership may constitute valid consideration in kind, notwithstanding deeds showing nil monetary consideration. Section 43CA applies only where consideration received or accrued is below stamp duty value. Where each transfer was matched by equivalent land transferred to the transferor's nominees and no shortfall against stamp duty value was found, the deeming fiction did not apply. The section 43CA addition was deleted because the conveyances represented reciprocal exchanges rather than understated consideration.....