No addition u/s 50C if difference is less than 10%: Mumbai ITAT

No addition u/s 50C

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Where Assessing Officer having invoked provisions of section 50C, made certain addition to assessee’s income, in view of fact that even after applying provisions of section 50C, difference in capital gain declared by assessee and figure adopted by Assessing Officer did not even exceed 10 per cent of stamp duty valuation, impugned addition deserved to be set aside

(Another keuly observation in the case:  Credit for tax deducted at source has to be given in assessment year in which income has actually been assessed/offered to tax and not in year of deduction itself)

[2018] 93 456 (Mumbai – Trib.)
Surendra S. Gupta

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