Hello All,
I need a supporting case law with regards to the following issue:
Assessee sold his immovable property for a sum of Rs.1 cr. While at the time of registration the document was registered for Rs.50lacs only and the consideration was received in installments (cash) where Rs.20lakhs stood receivable. The issued cheques on this regard (Rs.20lacs) were dishonoured. While computing capital gains the assessee showed the value of Sale Consideration as Rs.1cr less Rs.20L(consideration receivable) = Rs.80L as net.
Simultaneously a case was filed in court and the proceedings are pending.
Assessee had already paid Capital gains tax for the consideration of Rs.80lacs.
Incase the court proceedings are favourable to the assessee, how to compute capital gains for the balance part of consideration.
Whether any penalty or interest to be leived?
Kindly suggest any related case laws.
Regards,
Janet Anjalin J.
CAclubindia
