Cash received from sale of Agriculture land
Our one client had received cash Rs. 36 Lakh in FY 2011-12 from the sale of agriculture land, which had been deposited into bank account in the FY 2011-12
Now we have received notice from income tax regarding cash deposited.
We have received this cash in FY 2011-12, while our sale deed was been executed in June 2012 the sale Consideration was 40 lakh in Deed. And we had submitted this deed as source of income from agriculture land.
Again We had received notice from income tax department that you have received the cash in FY 2011-12 But while Your sale deed was executed in FY 2012-13. Please provide clarification with valid evidence.
Please suggest here now what shall we do
we had a agreement for our deal but this is agreement value is 80 Lakh. Which is almost double from sale deed.
My Question is
Can we submit this agreement as and evidence of Advance cash received against sale deed ( Which was executed in 2012-13) If yes… then what is the implication on the cash, because agreement has almost double vale from deed.
Is the difference between sale deed and agreement will affect sec 50C or not.
I had submitted an affidavit for buyer and seller that as advance cash received from ….so and so against this deal. But ITO is not accepting the same.
Please suggest what I shall do in this case. Or what clarification shall be submitted.
Thanks
CAclubindia
