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2022 (8) TMI 758 - AT - Income TaxAddition u/s 43CA - AO’s findings wherein all the “transfer” instance indicate tolerance margin(s) of less 10% as per section 43CA(1) 1st proviso - Seven residential units sold / transferred in the relevant previous year - HELD THAT:- We find no merit in the Revenue’s instant arguments as the legislature has incorporated similar tolerance margin(s) of 5 and 10% in section 50C(1), third proviso by the very Finance Act, 2020 w.e.f 01.04.2021. Case law Maria Fernandes Cheryl [2021 (1) TMI 620 - ITAT MUMBAI] holds the same as having retrospective effect since curative in nature. We wish to clarify the only difference between section 43CA and section 50C is that the former is applicable in case of transfer of assets other than capital assets whereas the latter provision comes into play in case of transfer of a capital asset in the specified circumstances, respectively. We accept the assessee’s instant sole substantive grievance to delete the impugned section 43CA addition.
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