ITAT Mumbai: No Section 56(2)(x) Addition if Difference Within 10%-Tolerance Limit Held Retrospective

Vipul Otarmal Jain Vs ITO (ITAT Mumbai) ITAT Mumbai: No Section 56(2)(x) Addition if Difference Within 10%-Tolerance Limit Held Retrospective The ITAT Mumbai held that no addition under Section 56(2)(x)(b) is warranted where the difference between purchase consideration and fair market value is within 10%, and further ruled that the 10% tolerance limit applies retrospectively. In this case, the assessee purchased flats jointly, and the AO made an addition of ₹2.61 crore based on stamp duty valuation. However, a DVO valuation determined the fair market value at ₹2.46 crore, resulting in a d...