Sec 50C - Full value of consideration in certain cases
This query is : Resolved
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.
Regards,
Sandeep Aggarwal
Regards,
Sandeep Aggarwal
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Taxable or Tax exempt
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- ADVANCE PAYMENT OF ADVOCATE
- Goods sold but invoice not issued
- GST rate and HSN code for sale of racing horses
- Condonation . E-Verification of last year return .
- Capital gain on sale and purchase of plot
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
