AAR: Disallows deduction of ‘actual land-value’ from ‘transaction-value’ to builder/developer, erstwhile VAT provisions inapplicable

Gujarat AAR via video conferencing holds that value of supply for transaction of sale of residential/commercial property with undivided rights of land is to be arrived in terms of deeming provision of Para 2 of Notification No. 11/2017- CTR dated June 28, 2017 as amended; Holds that the applicant’s contention to allow the deduction of actual value of land from the sale value on the ground that their land value is ascertainable and other grounds is not legal; Explains that P...