Income tax assessment
This query is : Resolved
17 May 2014
Sir,
One of my clients ‘A’ an agriculturist sold his agricultural land for Rs.25 lacs on 19/11/2008 and deposited this amount in his saving bank account. Thereafter, on the basis of AIR a notice u/s 148 of Income Tax Act was issued on 25/03/2014. During the course of assessment proceedings it was contended that actually he sold his agricultural land for Rs.25 lacs whereas to reduce his stamp duty liability the purchaser get this land registered for Rs.1470000/- as per registered sale deed dated 19/11/2008.
However, the AO is not ready to accept our contention and he is bent upon adding this difference of Rs.2500000/- minus Rs.1470000/- = Rs.1030000/- as income from other sources.
From the facts and circumstances it is very much clear that the registration of sale deed and deposited amount in bank is on the same dated I;e 19/11/2008.
Please give your valuable reply along with some case laws.
Thanking You.
One of my clients ‘A’ an agriculturist sold his agricultural land for Rs.25 lacs on 19/11/2008 and deposited this amount in his saving bank account. Thereafter, on the basis of AIR a notice u/s 148 of Income Tax Act was issued on 25/03/2014. During the course of assessment proceedings it was contended that actually he sold his agricultural land for Rs.25 lacs whereas to reduce his stamp duty liability the purchaser get this land registered for Rs.1470000/- as per registered sale deed dated 19/11/2008.
However, the AO is not ready to accept our contention and he is bent upon adding this difference of Rs.2500000/- minus Rs.1470000/- = Rs.1030000/- as income from other sources.
From the facts and circumstances it is very much clear that the registration of sale deed and deposited amount in bank is on the same dated I;e 19/11/2008.
Please give your valuable reply along with some case laws.
Thanking You.
18 May 2014
Sir,
it is natural to contend that the deal was for Rs 14.70 lakhs.
The liability to prove that the seller paid you Rs 25 lakhs lies on you. check whether the buyer is ready to make a statement in this regard..
it is natural to contend that the deal was for Rs 14.70 lakhs.
The liability to prove that the seller paid you Rs 25 lakhs lies on you. check whether the buyer is ready to make a statement in this regard..
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