Section 43CA of Income Tax Act not Applicable to Sale Agreement Entered Before 1.4.2014: ITAT deletes Addition [Read Order]

Section - Income- Tax- Act - Applicable -Sale -Agreement -ITAT -taxscan

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition holding that Section 43CA of the Income Tax Act 1961 would not apply to the sale agreement entered before 1.4.2014. The assessee Regal Construction had been engaged in the business of promoting/developing/constructing and sale of residential/commercial buildings. During the assessment proceedings, the…

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