10 September 2016
SIR,
MY CLIENT HAS SOLD HIS AGRICULTURAL LAND FOR 98 LAC AND DEPOSITED THE CASH IN THE ACCOUNT. BUT THE PROPERTY REGISTRATION VALUE WAS RS. 45 LAC AROUND.
CLIENT HAD RECEIVED NOTICE AND NOW ASSESSED DEFINING THAT WE HAVE NOT ANY DOCUMENT EXCEPT PROPERTY REGISTRATION VALUE AND REST OF THE VALUE IS TAXABLE AND CONSIDERED AS OTHER INCOME. MENTIONING THAT THE CLIENT HAS AGREEMENT TO SALE, WHICH IS NOT REGISTERED AND HENCE CAN NOT BE TAKEN ON RECORDS. AND THE COMMISSIONER HAS ASKED CLIENT TO PRESENT THE BUYER BUT AT PRESENT WE ARE NOT ABLE TO PRESENT THE BUYER IN FRONT OF COMMISSIONER.
IF I DO COLLECT THE COPY OF REGISTER FROM ASHTAM VENDOR IN WHICH IT HAS BEEN MENTIONED THAT HE HAS PURCHASED THE ASHTAM AND ASHTAM VENDOR ITSELF WRITTEN THE AGREEMENT TO SALE AS WELL. CAN THE ASSESSMENT WILL BE WITHHELD. AND COMMISSIONER (APPEAL) WILL CONSIDER THAT IN TO THE RECORDS.
I NEED HELP IN THIS REGARD.
11 September 2016
Even unregistered agreement for sale can become valid if you are able to produce the transferee as the possessor of that chuck of piece in his possession.
CAclubindia
