Question And Answer
Subject: 45[3]
Querist: bs
Answered by:
Date: April 29, 2023
Query asked by bs

Introduction  of a land  by a partner in AOP doing building work

Is it eligible for 45[3] or not?

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Yes, section 45(3) of the Act is applicable. The amount recorded in the books of account will be the full value of consideration. In the case of Network Construction Company v. ACIT [2020] 185 ITD 318/119 taxmann.com186 (Mum. – Trib.) it was held that provisions of section 50C of the Income-tax Act, 1961 will not operate where section 45(3) of the Act is operating.

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