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- Whether valuation of construction service basis similar apartments (Para 2A) against development right is mandatory to adopt, even when the actual cost of construction is known ?
Whether valuation of construction service basis similar apartments (Para 2A) against development right is mandatory to adopt, even when the actual cost of construction is known ?
Issue Favourable to Tax Payer ?:- no
Held - The date of levy being the date of issuance of completion certificate, Para 2A becomes applicable to them and so the value should be calculated only as prescribed in the said para. The said para prescribes that the value of construction in respect of such apartments shall be deemed to be equal to the Total amount charged for similar apartments in the project from the independent buyers, other than the person transferring the development.....
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