Hi All,
I have a different type of case:
the case is Assessee(Seller) has sold the flat for 10,00,000 to the Purchaser, but for the purpose of loan to the Purchaser, the Assessee has stated that the cost the property as 15,00,000 in MOU and the same has been mentioned in the Sale deed. But the Seller has received only 10,00,000 in cheque, the rest part i,e; 5,00,000 has not been received.
The ITO has issued the notice stating that the rest 5L is received in cash and has issued a notice u/s Notice under section 274 read with section 271D of the Income Tax Act, 1961, stating that there is a violation of Sec 269SS.
Please let me the Way out from this ??
CAclubindia
