10% safe harbour limit apply retrospectively as a beneficial provision

Nisha Gupta Vs ITO (ITAT Kolkata)

In the case of Nisha Gupta vs ITO, the Income Tax Appellate Tribunal (ITAT) Kolkata dealt with two issues arising in the assessment year (AY) 2014-15. The first pertained to an addition of ₹15,32,600 made under Section 56(2)(vii)(b) of the Income Tax Act. This arose due to a difference between the purchase price of a property and its stamp duty valuation. The Assessing Officer (AO) added the differential amount to the assessee’s income, citing provisions that mandate such additions if the difference exceeds ₹50,000. However, the ITAT

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