10% Safe Harbour Limit for Property Valuation Applies Retrospectively: ITAT Mumbai

ACIT Vs Deluxe Recycling India Private Limited (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai bench, in the cross-appeals filed by the Revenue and Deluxe Recycling India Private Limited, delivered a significant ruling on the application of the safe harbour limit concerning the difference between the stamp duty valuation and the actual consideration for property acquisition. The decision primarily addressed Assessment Year (AY) 2020-21. Issue 1: Retrospectivity of the 10% Safe Harbour Limit Background of the Valuation Dispute The assessee had purchased a flat in 2019 for a consi...