10% tolerance limit introduced under Sec. 50C is applicable retrospectively: Delhi ITAT

INCOME TAX : Amendment made in scheme of section 50C(1), by inserting third proviso thereto and by enhancing tolerance band for variations between stated sale consideration vis-à-vis stamp duty valuation from 5 per cent to 10 per cent are effective from date on which section 50C, itself was introduced, i.e 1-4-2003. In plain words, what is means is that even if valuation of a property, for purpose of stamp duty valuation, is 10 per cent more than stated sale consideration,

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