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ITAT held that the 10% tolerance band under section 43CA is retrospectively applicable for AY 2017-18, based on beneficial provision interpretation. The tribunal found that the legislative intent behind the amendment was to minimize hardship in genuine real estate transactions. Analyzing judicial precedents and explanatory notes, the tribunal concluded that no addition under section 43CA is warranted when the difference between stamp duty value and sale consideration falls within the prescribed tolerance band. The assessee's appeal was allowed, effectively exempting the transaction from additional tax liability.
ITAT held that the 10% tolerance band under section 43CA is retrospectively applicable for AY 2017-18, based on beneficial provision interpretation. The tribunal found that the legislative intent behind the amendment was to minimize hardship in genuine real estate transactions. Analyzing judicial precedents and explanatory notes, the tribunal concluded that no addition under section 43CA is warranted when the difference between stamp duty value and sale consideration falls within the prescribed tolerance band. The assessee's appeal was allowed, effectively exempting the transaction from additional tax liability.
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