12 May 2018
Whether cancellation of agreement to sell a land in the year 2010-11 is to be reported while filing return of income u/s 148 of the income tax act. If it has to be reported than in which column it is to be reported? There is no profit or loss in that. We have refunded full biana to the buyer.
12 May 2018
No such reporting is required while filing return u/s 148. On the other hand after filing return under 148, you may demand the reasons for issue of notice u/s 148 .
CAclubindia
