20 December 2008
Assessee is an individual and has sold a property during a relevant previous year.At the time of assessment proceedings A.O. rejected the actual sale value and considered the value adopted by the stamp duty authority.He also disallowed selling expenses as assessee failed to produce any evidence in relation to same.Consequently penalty proceedings u/s.271(1)(c) have also been initiated.In this situation what stand can the assessee take?
24 December 2008
He can produce the proof of actual sale value i.e. bank account detail,payment confirnation from party. Similarly for selling expenses assessee can get confirmation from selling agent and payment details.
CAclubindia
