Notice reply urgently

If you've purchased property and failed to disclose it in your tax return for the relevant period (e.g., 2011-12), you may receive a notice, likely under Section 148. It's crucial to file your return and clearly explain the source of funds for the purchase. If you can demonstrate the source through bank statements, no additional tax should apply. However, for any amounts where the source cannot be explained, tax will be levied at the slab rates applicable for that Assessment Year, along with potential penalties.