14 March 2013
Sold land for Rs 1 Cr in 2010. Same land was purchased for Rs.10 lakhs in 1996. Now got IT notice to submit books of accounts. No other income during the year 2010. What shall be the consequence of IT notice in terms of Tax, Interest, Penalty? What are course of action to be done to solve the issue.
14 March 2013
Assuming that you have correctly filed the return for the FY 2010-11 and paid tax accordingly. The AO just wants to check the validity of your particulars of income tax return and if found false, you may be liable for additional tax, interest and penalty.
It is advisable to consult your advisor before submitting any reply to the AO
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