Section 43 ca

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Harsh

Harsh (Querist)
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13 January 2014 Can u explain with example sec.43 ca of income tax act,1961.

pranav

pranav (Expert)
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13 January 2014 the said section 43ca is introduced in finance act, 2013 and is applicable prospectively. The section is for providing stamp duty valuation for land or building or both held as stock-in-trade. Through this section AO is discharge from proving that the sale price of land or building or both held as stock-in-trade is understated. Prior to this burden was on AO to prove that sale price was higher than what has been declared by Assesses.