October 2019

Section 43CA applies only when there is transfer of land or building or both In a previous year, when an assessee engaged in the business of construction of a commercial project entered into agreements to sell flats / offices (which were under construction) and there was no transfer of any land or building or both in favour of buyers, provisions of section 43CA would not apply

Jagdish T.Punjabi | Devendra Jain | Tejaswini Ghag
Chartered Accountants

1. [2019] 108 taxmann.com 195 (Mum. Trib.) Shree Laxmi Estate (P.) Ltd. vs. ITO ITA No.: 798/Mum/2018 A.Y.: 2014-15 Date of order: 5th July, 2019

 

Section 43CA applies only when there is transfer of land or building or both In a previous year, when an assessee engaged in the business of construction of a commercial project entered into agreements to sell flats / offices (which were under construction) and there was no transfer of any land or building or both in favour of buyers, provisions of section 43CA would not apply

 

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