2022 (8) TMI 758

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..... incorporated similar tolerance margin(s) of 5 and 10% in section 50C(1), third proviso by the very Finance Act, 2020 w.e.f 01.04.2021. Case law Maria Fernandes Cheryl [ 2021 (1) TMI 620 - ITAT MUMBAI] holds the same as having retrospective effect since curative in nature. We wish to clarify the only difference between section 43CA and section 50C is that the former is applicable in case of trans .....

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..... the Act ]. Heard both the parties. Case files perused. 2. Coming to assessee s sole substantive grievance challenging both the learned lower authorities making section 43CA addition of Rs.12,50,490/- during the course of assessment dated 07.12.2018 and upheld in the CIT(A) s order, we note at the outset that the same pertains to seven(07) residential units sold / transferred in the relevant .....

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..... s having retrospective effect since curative in nature. We wish to clarify the only difference between section 43CA and section 50C is that the former is applicable in case of transfer of assets other than capital assets whereas the latter provision comes into play in case of transfer of a capital asset in the specified circumstances, respectively. 5. Faced with the situation, we accept the ass .....

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