Topic
Kolkata ITAT rules the 10% tolerance band under Section 43CA applies to past transfers, granting relief where sale consideration is within 10% of stamp duty valuation. The ruling impacts real estate transactions assessed under the Income Tax Act, offering retrospective clarity for taxpayers facing valuation disputes.
ITAT Delhi rules that cash received at the time of property registration does not violate Section 269SS if it falls under Explanation (iv) of the Income Tax Act. The tribunal deleted the penalty under Section 271D, emphasizing the exception for transactions during property sales, offering relief to taxpayers facing similar penalties.
The Karnataka High Court clarified that higher stamp duty under Article 5(e)(i) of the Karnataka Stamp Act is only applicable if the sale agreement expressly provides for delivery of possession. Mere prior physical possession does not suffice, protecting parties from unintended duty escalations in real estate transactions.