Case Law Analysis
|Income Tax Appellate Tribunal
Section 50C 10% Tolerance Applied Retrospectively, Addition Deleted for AY 2014-15 | Valuation Gap Within Limit : ITAT Kolkata
The Kolkata ITAT ruled that the 10 % tolerance under Section 50C is retrospective, striking down the ₹9,94,312 addition for AY 2014-15 because the valuation gap was only 8.5 %. Taxpayers can therefore rely on the tolerance limit for past years, limiting exposure to Section 50C additions when the gap falls within the prescribed range.