Dear Sir,
Mr. L made a payment to Mr. D from 2010 to 2011 in cash near about total amount of Rs.35lacs.
Now Mr. D proposed a land to Mr.L with legal agreement of Rs.65Lacsl in 2024.
Mr. L suggest to Mr.D to please adjust his money which was given earlier years to him in this agreement.
Please suggest that is any 271D compliance will arise in this situation.
In my opinion sec 271D effected from 15/05/2015 and transactions was done before implementing this section.
Thanks in advance for your views.
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271D of Income tax applicability
Replies (2)
You can go on. but there are some legal problems. for specific interaction you can mail to : taxfriendlyburdwan @ gmail.com for further assistance
271D will not be applicable as transaction is before the applicability of the section. However, the transaction will be reflected in AIS, therefore your case might be selected for assessment.
Then in assessment you will have to explain such transactions.
Then in assessment you will have to explain such transactions.
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