Notice under section 148
This query is : Resolved
26 April 2014
Dear Sir,
Thanks! in advance.
One of my friend received a notice us 148 for ay 2007-08 on dated 27-03-2014. He sold a piece of agriculture land for Rs. 7 lac in July 2006. Otherwise he had no taxable income for the same year(Rs 48000 PA as salary only).
Now, he talk to ITO and he advised to file return for same year. But, an advocate suggest that no need to file return because they will reassess and ask for capital gain on Rs. 7 lac.
Pl suggest what we should do? Early as possible.
Thanks
Vikas
Thanks! in advance.
One of my friend received a notice us 148 for ay 2007-08 on dated 27-03-2014. He sold a piece of agriculture land for Rs. 7 lac in July 2006. Otherwise he had no taxable income for the same year(Rs 48000 PA as salary only).
Now, he talk to ITO and he advised to file return for same year. But, an advocate suggest that no need to file return because they will reassess and ask for capital gain on Rs. 7 lac.
Pl suggest what we should do? Early as possible.
Thanks
Vikas
26 April 2014
Since 148 is issued, return has to be filed. If not filed, department may move to 'best judgement assessment' ie., will complete the assessment with the details available with the department.
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