Assessee sold a piece of Land Say for Rs. 5500000/- to ‘X’ & documents were registered & executed with sub registar in the month of February 2018. X deducted tax @ 1% i.e. 55000/- & deposited to Government Treasury.
The ‘X’ (purchaser) failed to pay the Purchase Consideration & as per mutual consent of both the Parties, applied to Court for Cancellation of deed in September 2018. The matter is still Sub judice in the Court.
Kindly let us know:-
(a) Whether Assessee should consider the Gain/Profit in his I.T. Return for A.Y. 2018-19?
(b) Who will claim Refund of TDS?
(c) Auditor”s Resposibility?
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