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

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....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....

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