https://www.taxtmi.com/caselaws?id=411831 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case involving the addition under section 56(2)(vii)(b) of the Income Tax Act, 1961 for the Assessment Year 2014-15. The Tribunal held that the difference between the declared consideration and the stamp duty value fell within the tolerance band allowed by the 3rd proviso to section 50C, emphasizing the retrospective nature of the amendments to section 50C. Consequently, the Tribunal directed the deletion of the addition, rejecting the Departmental Representative's arguments against applying the benefit of the 3rd proviso to the assessee for the relevant assessment year. en-us Tue, 24 Aug 2021 00:00:00 +0530 Sat, 04 Sep 2021 08:29:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411831 The Appellate Tribunal ITAT Mumbai ruled in favor of the assessee in a case involving the addition under section 56(2)(vii)(b) of the Income Tax Act, 1961 for the Assessment Year 2014-15. The Tribunal held that the difference between the declared consideration and the stamp duty value fell within the tolerance band allowed by the 3rd proviso to section 50C, emphasizing the retrospective nature of the amendments to section 50C. Consequently, the Tribunal directed the deletion of the addition, rejecting the Departmental Representative's arguments against applying the benefit of the 3rd proviso to the assessee for the relevant assessment year. Case-Laws Income Tax Tue, 24 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411831