ITAT deletes addition under section 50C as difference was less than 10%

DCIT Vs S.G.P. Exim Pvt Ltd. (ITAT Chennai) There is no dispute with regard to the fact that there is a difference between stated consideration for sale of property and guideline value fixed for payment of stamp duty. In fact, the assessee has admitted the fact that there is a difference of Rs. 85,36,200/-, when compared to guideline value of the property. The arguments of the assessee is that as per 3rd proviso to section 50C(1) of the Act, inserted by the Financial Act, 2018 w.e.f. 01.04.2019, if difference between stated consideration and guideline value does not exceed 10% of the considera...