Court Rules 10% Tolerance Limit u/s 56 of Income Tax Act Applies Retroactively for Valuation Differences.

Court Rules 10% Tolerance Limit u/s 56 of Income Tax Act Applies Retroactively for Valuation Differences. https://www.taxtmi.com/highlights?id=59108 Income from other sources u/s 56 - purchase was lower than the ready reckoner rate - difference between value declared and value as per stamp value authority is less than 10% - The enhancement of tolerance limit from 5% to 10% under Section 50C so as to 56(vii)(b) would be applicable retrospectively - AT en-us Sat, 07 Aug 2021 16:38:46 +0530 Sat, 07 Aug 2021 16:38:46 +0530 TaxTMI RSS Generator Court Rules 10% Tolerance Limit u/s 56 of Income Tax Act Applies Retroactively for Valuation Differences. https://www.taxtmi.com/highlights?id=59108 Income from other sources u/s 56 - purchase was lower than the ready reckoner rate - difference between value declared and value as per stamp value authority is less than 10% - The enhancement of tolerance limit from 5% to 10% under Section 50C so as to 56(vii)(b) would be applicable retrospectively - AT Highlights Income Tax Sat, 07 Aug 2021 16:38:46 +0530 https://www.taxtmi.com/highlights?id=59108