ITAT deletes Addition, Applying retrospective Section 56(2)(x)(b) 10% Safe Harbour Limit

Amit Shrivastva Vs Assessment Unit (ITAT Kolkata)

In the case of Amit Shrivastava vs. Assessment Unit (ITAT Kolkata), the tribunal dealt with an addition of ₹19.6 lakh under Section 56(2)(x)(b) of the Income Tax Act for the Assessment Year 2018-19. The issue arose due to a discrepancy between the actual purchase price of an immovable property and its stamp duty value. The Assessing Officer added the differential amount to the income, citing the 5% tolerance limit applicable for that year. However, the assessee contested the addition, arguing for the retrospective applica

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