26 March 2023
Notice for Penalty under section 274 read with section 270A of the Income-tax Act,1961 Ms/Mr/M/s, The taxpayer is a partnership. A Piece of Land was bought in 2016 in partnership. 1,33,00000 has been awarded to the developer after signing the development agreement in October 2017. For that, he would get 9 Residential flat in consideration under development agreement. They have been received by the partnership in the financial year 2021-22. The details of those flats sold in financial year 2021-22. But the Income Tax Department has sent a notice that you have not filed the capital gains returns for the financial year 2017-18. But no any payment and consideration was received in 2017-18, it was received in 2021-22. Tax has been calculated and the notice has been sent to 270. What should be done?
27 March 2023
Department is right as land was transferred by way of development agreement, though depends upon specific clauses in the agreement. Better to take professional services for better available option/s.
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