PADMAVATI DEVELOPERS vs INCOME TAX OFFICER

Authority: ITAT Tribunal/Court: Mumbai Date: 2026-05-22 AY: 2018-19 Section: 250, 143(3), 143(3A), 143(3B), 143(1)(a), 143(2), 142(1), 56(2)(x)(b)(B), 270A Acts: Income Tax Act, 1961 Result: Allowed Citation: 626Taxpundit278 Justices: Kavitha Rajagopal, Makarand Vasant Mahadeokar Appeal No: ITA 2616/MUM/2026

Whether the enhanced tolerance limit of 10% under section 56(2)(x)(b)(B) of the Income Tax Act, 1961 introduced by Finance Act, 2020 is applicable retrospectively to Assessment Year 2018-19? --- Held: Yes, the amendment is curative and beneficial, and the same is applicable retrospectively, thus no addition if variation within 10%.

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PADMAVATI DEVELOPERS vs INCOME TAX OFFICER

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