The Assessee is a builder and promoter. Assessment proceedings were initiated, in the course of which AO made certain addition under section 43CA of the Act on account of sale consideration being less than the stamp duty value w.r.t 9 properties. The AO passed the assessment order, pending DVO report in respect of fair market value.

The Hon’ble Tribunal perused the difference between sale consideration and stamp duty value and proposed to restrict the additions made only to those properties in which the difference exceeded 10% in terms of proviso to section 43CA(1) of the Act. For doing so, the Tribunal referred to the judgements in the case of V.K. Developers [ITA No. 923/Pun/2019] and Sai Bhargavanath Infra [ITA No. 1332/Pun/2019], wherein it was held that proviso to section 43CA(1) would have retrospective effect. However, upon request of the Assessee, the matter was remanded to AO for determination of addition in terms of fair market value determined by DVO. (AY.2015-16)