10% Tolerance Limit under Section 50C Applies Retrospectively: ITAT Mumbai

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 terms of the reg...