ITAT deletes addition under section 50C as difference was less than 10%

DCIT Vs S.G.P. Exim Pvt Ltd. (ITAT Chennai)

There is no dispute with regard to the fact that there is a difference between stated consideration for sale of property and guideline value fixed for payment of stamp duty. In fact, the assessee has admitted the fact that there is a difference of Rs. 85,36,200/-, when compared to guideline value of the property. The arguments of the assessee is that as per ₃rd proviso to section 50C(1) of the Act, inserted by the Financial Act, 2018 w.e.f. 01.04.2019, if difference between stated consideration and

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