Addition u/s. 43CA unwarranted as amendment providing tolerance band of 10% is retrospective in nature

Gaurav Investments Vs DCIT (ITAT Mumbai) ITAT Mumbai held that no addition under section 43CA of the Income Tax Act warranted due to difference between stamp duty value and sale consideration is less than tolerance band of 10% as per proviso to section 43CA. Also held that amendment providing tolerance band of 10% is retrospective in nature. Facts- Post completion of scrutiny assessment, AO reopened the assessment and made an addition of Rs. 4,46,63,000/-under section 43CA of the Income Tax Act. CIT(A) upheld the AO’s finding that the proviso to section 43CA containing the tolerance band...