ITAT quashes Retrospective Determination of Annual Letting Value of Unsold Residential Units based on Prospective Amendment [Read Order]

ITAT Retrospective Determination of Annual Letting - Value of Unsold Residential Units based on Prospective Amendment - TAXSCAN

The Pune  Bench of the Income Tax Appellate Tribunal (ITAT) recently quashed the retrospective determination of annual letting value of unsold residential units based on prospective amendment by the Assessing Officer. The assessee Pride Purple Properties  was a firm engaged in the business of construction & sale of residential flats, which at the closure of…

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