Allowing the appeal of the assessee the Tribunal held that, provision of S.43CA have been inserted with effect from 1-4-2014 to relevant assessment year 2014-15.Agreement to sell was entered much prior to that date, i.e. in the year 2007 in the instant case agreement to sell was entered in to much prior to that date i.e. in 2007 .Accordingly the provision of S.43CA(4) cannot be applied. Matter remanded to CIT(A) to determine valuation as on 9-4-2007 and if it is higher than the sale consideration , same can be brought to tax in the year under consideration.( AY.2014-15)
Indexone Tradecone (P) Ltd v. Dy. CIT (2018) 172 ITD 396 (Jaipur) (Trib.)
S. 43CA : Transfer of assets-other than capital assets-Full value of consideration- stock in trade-Agreement value–Stamp valuation- Provision of S.43CA have been inserted with effect from 1-4-2014 to relevant assessment year 2014-15-Agreement to sell was entered much prior to that date , i.e. in the year 2007 -Provision of S.43CA(4) cannot be applied- Matter remanded to CIT(A) to determine valuation as on 9-4-2007 and if it is higher than the sale consideration, same can be brought to tax in the year under consideration. [S. 50C]