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2021 (9) TMI 176 - AT - Income TaxAddition u/s 56(2)(vii)(b) - difference between the sale consideration declared by the assessee and the stamp duty value - whether the assessee would be eligible for benefit of 3rd proviso to section 50C(1) inserted by the Finance Act, 2018 and subsequently amended by the Finance Act, 2020? - HELD THAT:- Undisputedly, the difference in the sale consideration declared by the assessee and the stamp duty value is 5.8% approximately. The co-ordinate bench in the case of Maria Fernandes Cheryl [2021 (1) TMI 620 - ITAT MUMBAI] while considering the similar issue held that the 3rd proviso to section 50C(1) is curative in nature, even though it is stated to be prospective, but it relates back to the date when the statutory provision of section 50C was made effective i.e. 01.04.2003. Even, the subsequent amendment to the aforesaid proviso by the Finance Act, 2020 enhancing tolerance band from 5% to 10% would be effective w.e.f. 01.04.2003. Similar view has been taken in the case of Amrapali Cinema Vs. ACIT (supra) following the decision rendered in the case of Maria Fernandes Cheryl [2021 (1) TMI 620 - ITAT MUMBAI]. We find merit in the submissions made by ld. AR - no hesitation in holding that in the instant case, since the difference between the sale consideration declared by the assessee and the stamp duty value is 5.8% (approx), the consideration declared by the assessee should not be disturbed as the variation is within tolerance band of 10%. Consequently, the AO is directed to delete the addition. - Decided in favour of assessee.
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