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2,356 cases — bench: Surat
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SMT. ANNAPURNA GUPTA (Accountant Member)
The Tribunal condoned the delay of 324 days, citing the assessee's sufficient cause, including a non-cooperative consultant, a recent family bereavement, and the disproportionate nature of the addition compared to the returned income. The Tribunal restored the issue to the Assessing Officer for fresh assessment after providing an opportunity of hearing.
SMT. ANNAPURNA GUPTA (Accountant Member)
The Tribunal noted that the quantum appeal had been restored to the AO for fresh adjudication. Therefore, the penalty matter was also restored back to the AO to be decided afresh along with the quantum proceedings.
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The Tribunal held that the amendment to Section 56(2)(x), increasing the tolerance limit to 10% for the difference between actual consideration and stamp duty value, is curative and retrospective in nature. Since the difference in this case was less than 10% of the consideration, the addition made by the AO was deleted.