TMI Blog2023 (11) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... value of property as denied by the departmental valuation officer is ₹ 930,000. We find that the tolerance limit provided under section 50 C (1) was 5%, which was enhanced to 10% with effect from 1/4/2021, and therefore apparently for assessment year 2016 17 it was not available. It has been held that Amendment made in scheme of section 50C(1), by inserting third proviso thereto and by enhancing tolerance band for variations between stated sale consideration vis- -vis stamp duty valuation from 5 per cent to 10 per cent are effective from date on which section 50C, itself was introduced, i.e. 1-4-2003 in [ 2021 (4) TMI 1160 - ITAT DELHI ]. Therefore rate of 10% of tolerance limit is applicable with effect from 1/4/2003 itsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax consultant. The assessee to consultant at the email address filed the first appeal originally available. The impugned appellate order was also communicated only on email and no physical concerned on the assessee. Further, when the consultant was looking at e-filing portal for routine review he came to know about this order somewhere in 25th of March 2023. This was intimated to the assessee. As per the advice assessee immediately after consultant to file an appeal. Thus the delay caused due to inadvertence without any malafide, therefore, it was prayed that delay in filing of this appeal may be condoned. 03. The learned departmental representative vehemently objected that there is a delay of 350 days and therefore it should not be co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ual sale consideration of the property is ₹ 130 lakhs, the property suffers transport visibility and further it does not have adequate parking facility. As the area of the property is more than 2000 ft , the buyers are not available. The property is purchased by a single buyer therefore actual realizable value is less than the stamp duty value. Assessee also submitted the valuation report by an approved government valuer. Assessee also stated on 19/11/2018 to refer the matter to the Department valuation officer for finding out the actual value of the property. As per departmental valuer fair market value of immovable property was determined at ₹ 13,930,000/ . Assessee contended before the AO that the difference is merely 10% and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which was enhanced to 10% with effect from 1/4/2021, and therefore apparently for assessment year 2016 17 it was not available. However, it has been held that Amendment made in scheme of section 50C(1), by inserting third proviso thereto and by enhancing tolerance band for variations between stated sale consideration vis- -vis stamp duty valuation from 5 per cent to 10 per cent are effective from date on which section 50C, itself was introduced, i.e. 1-4-2003 in [2021] 127 taxmann.com 376 (Delhi - Trib.). Therefore respectfully following the decision of the coordinate bench wherein it has been held that the rate of 10% of tolerance limit is applicable with effect from 1/4/2003 itself, no addition could be made in the hence of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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