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2024 (5) TMI 490 - ITAT NAGPURAddition u/sec. 56(2)(vii) - Difference in value of agricultural land purchased from value of property for stamp duty purpose - HELD THAT:- DR failed to rebut the clinching fact that the foregoing differential amount nowhere 10% of the actual sale price as per sec. 56(2)(vii)(b) 3rd proviso adopting the tolerance margin given in sec. 50C(1) 3rd proviso mutatis mutandis. As argued that the tolerance margin of 10% in sec. 50C(1) 3rd proviso substituting 5% by the Finance Act, 2020 is applicable w.e.f. 01.04.2021 whereas the impugned assessment year herein is 2014-2015. No merit in the Revenue’s instant arguments in light of C. Maria Fernandes vs. ITO [2021 (1) TMI 620 - ITAT MUMBAI] holding the foregoing tolerance margin as carrying retrospective effect. We delete the impugned addition made u/sec. 56(2)(vii) in very terms since falling within the statutory tolerance margin of 10% - Assessee’s appeal is allowed.
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