Assessee purchased a property for Rs.8.19 crores. Booking payment was made, and allotment letter was issued on 30-3-2010.\u00a0 Assessing Officer made an addition of Rs. 9.04 crores under section 56(2)(x) due to a difference between set forth value and stamp duty value-Commissioner(Appeals) restricted addition to Rs. 81.19 lakhs based on DVO\u2019s valuation report. On appeal the\u00a0\u00a0 assessee contended that Finance Act, 2020, increased tolerance limit from 5 per cent to 10 per cent under section 56(2)(x)(b)(B) and that amendment has retrospective effect. The Tribunal held that\u00a0 provision of section 56(2)(x)(b)(B) has retrospective effect and is applicable to impugned assessment year, therefore, matter is\u00a0 remanded to Assessing Officer for allowing assessee incremental differences as per section 56(2)(x)(b)(B) for alleged properties. (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 56 : Income from other sources-Tolerance limit-DVO\u2019s valuation report-Amendment introduced by Finance Act, 2020, increasing tolerance limit under section 56(2)(x)(b)(B) from 5 per cent to 10 per cent, has retrospective effect and applies to assessment year 2018-19.[S.56(2)(x)(b) (B)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-55355","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-eoP","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=55355"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55355\/revisions"}],"predecessor-version":[{"id":55356,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/55355\/revisions\/55356"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=55355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=55355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=55355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}