148a reply and objection

the assessee was partner in partnership firm which was engaged in ploting/land devloping. A property was purchased by firm due the owing power of attorney reported on the assessee pan by the registrar office. it was shown as stock in trade in firms bs for the year. there was 12 partner and pruchase consideration was or 1.20 cr a.y 14-15.
what will be better either to reply with the fact or take objection for being below 50lkh for each partner. how to proceed....