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10% Tolerance Limit under Section 50C Applies Retrospectively: ITAT Mumbai
Case Law Details
- Case Name
- Hamida Munir Chagani Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2020-21
- Courts
- All ITAT, ITAT Mumbai
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Hamida Munir Chagani Vs ITO (ITAT Mumbai)
Retrospective application of 10% tolerance limit u/s 50C- Also Stamp Duty paid by seller allowed: ITAT Mumbai
Mumbai ITAT has held that the enhanced tolerance limit of 10% under section 50C(1), inserted by Finance Act, 2020, is curative in nature & applicable retrospectively from 01.04.2003. Consequently, the addition made by AO towards difference between stamp duty valuation & actual sale consideration was deleted. Tribunal further allowed deduction of stamp duty & registration charges of Rs 86.36 lakh borne by Assessee in...
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