Controversial question on LTCG

Was the Investment made in Cash in the relevant FY of Purchase..because as you are saying through oversight..it means payment was not through the Bank..right..??

so if the investment was in cash..was there adequate cash balance appearing in the books..??

because this is a case of an undisclosed item

many things need a look in here

Why he want to show this transaction in the books of A/c. If he want to show it then surely he will be liable for the tax on capital gain.

Please be care full.

Due to undisclosed transaction the income tax dept will consider 450000 being ltcg with nil cost of acquisition.

On the contrary the assessee has to do some adjustment in the books to avail the benefits of cost of acquisition.

                    Though the invetment made was not recorded in books, was the case selected for scrutiny or Assessment ? 

Darsh*t, the sale transaction has to go under the table, again.

We cannot sale an asset which is not their in the balance sheet, right.

Receive the consideration in cash. Although there is a scapegoat, but it cannot be discussed online.

Piyush