Mr. X sold an agricultural land, which is well outside the city municipal limits, say for Rs. 5 lakhs. But the buyer has shown the land cost at Rs 7 lakhs. Mr. X has received an IT order asking for reasons for understatment of income. what will be the consequences of such an order? can ITO treat it as concealment of income and apply penal provisions?
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Agricultural land sale
Replies (1)
if he has sold in 5 lac
then he can show the proof
there will be some registry na
now it will be buyer liability to show 7 lac
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