Section 50C- No addition for Minor Valuation Differences

Dulari Devi Hetamsaria (L/H of Shyam Sundar Hetamsaria) Vs ACIT (ITAT Kolkata) ITAT Mumbai, in the case of M/s John Flower ( India) Pvt. Ltd, in ITA No.7545/Mum/2014, for A.Y. 2010-11, order dated 25.01.2017 held that if the difference between the valuation adopted by the Stamp Valuation Authority and declared by the assessee is less than 10%, the same should be ignored and no adjustments shall be made. It eas further held that insertion of third proviso (noted above) to Section 50C of the Act is declaratory and curative in nature. That is, the third proviso to Section 50C of the Act relates t...