10% Tolerance Limit u/s 56(2)(x) Applies Retrospectively: ITAT Mumbai

Ramesh Dnyandeo Dhuri Vs ITO (ITAT Mumbai) The appeal of Ramesh Dnyandeo Dhuri before the Income Tax Appellate Tribunal (ITAT), Mumbai arose against the order passed by the National Faceless Assessment Centre (NFAC), Delhi for the Assessment Year (AY) 2018-19. The primary issue involved an addition of Rs. 4,84,000 under Section 56(2)(x)(b)(B) of the Income-tax Act, 1961, due to a discrepancy between the actual consideration paid for a property and its stamp duty valuation. Background Facts The assessee, an individual earning salary, pension, and income from mutual funds, had declared a to...