40 A (3)

Utkarsh (13 Points)

10 May 2007  
One of my client is doing business of trading in plots and flats . He has purchased the the plots in cash . He has registered the sale deed and also has other proofs. But as purchase is made in cash over 50 lakhs how we can give notes in tax audit reports ? and is he liable to penalty u/s 40 A (3).