Amendment to Tolerance Limit Under Section 50C/56(2)(x) is Curative: ITAT Mumbai

Saggar Parimmal Vs ITO (ITAT Mumbai) Amendment in Tolerance Limit Pursuant to Section 50C/56(2)(x) is Curative in Nature: ITAT Mumbai In the case of Saggar Parimal vs. ITO Mumbai & Ketan Kumar Sagar vs. ITO Mumbai, both the assessees being co-owners jointly purchased a residential flat in AY 18-19. Provisions of sec 56(2)(x) were invoked since difference between stamp duty value & declared value of property worked out to 6.56%  which exceeded 5% of consideration resulting in an addition by AO. This tolerance limit was introduced by Finance Act, 2018, w.e.f. 01.04.2019 & was subse...