M/S. PADMAVATI DEVELOPERS,MUMBAI vs. ITO-WARD 42 (1) (4), MUMBAI

ITA 2616/MUM/2026Status: DisposedITAT Mumbai22 May 2026AY 2018-1917 pages
AI SummaryAllowed

What were the facts?

The assessee purchased an immovable property for Rs. 1,50,00,000, while the stamp duty valuation was Rs. 1,61,16,500. The Assessing Officer added the difference of Rs. 11,16,500 under Section 56(2)(x)(b)(B) of the Income Tax Act, 1961.

What did the Tribunal hold?

The Tribunal held that the enhanced tolerance limit of 10% under Section 56(2)(x)(b)(B) is curative and beneficial, and thus applicable retrospectively. The difference of 7.44% was well within this limit.

What were the issues?

Whether the enhanced tolerance limit for stamp duty valuation under Section 56(2)(x)(b)(B) is applicable retrospectively for AY 2018-19.

Which sections of the Income-tax Act were involved?

Section 56(2)(x)(b)(B),Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH MUMBAI

For Appellant: Ms. Dinkle Hariya (virtually appeared) and Ms. Sruti Kalyanikar, Ld. ARs
For Respondent: Shri Virabhadra Mahajan, Ld. DR
Hearing: 21.05.2026Pronounced: 22.05.2026

PER MAKARAND VASANT MAHADEOKAR, AM: This appeal filed by the assessee is directed against the order dated 03.02.2026 passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi [hereinafter referred to as “the CIT(A)”] under section 250 of the Income Tax Act, 1961 [hereinafter referred to as “the Act”] for the Assessment 2 M/s. Padmavati Developers Year 2018-19, arising out of the assessment order dated 19.02.2021 passed under section 143(3) read with sections 143(3A) and 143(3B) of the Act by the National e-Assessment Centre, De

The order continues below.

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