A Person Purchased Land in 2005 by Rs. 3 Lac He started to file return from f.y. 2012-13. Now he sole land by Rs. 25 Lac.
Now Can Assessing officer ask source of Rs. 3 Lac or because of six year has been passed thererfor he has no right to ask sourch for purchasing of land?
Assessing Officer has all the rights to ask you any such questions, but he has to accept any legitimate reply given by assessee in this matter. As he cannot ask for 10 years old books of account, nor he can open case more than 6 years old. His area of concern gets limited to the particular year, when the land is sold.
Naveen Fintech Pvt Ltd
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