a capital asset being land and building was registered as a sale deed into the name of my brother on March 2016 for 89 lakhs. the cheques issued by brother is uncleared even by till date. later, on June 2017, the same property was registered into the name of some one for 1.8 crore. those cheques were also unrealized till date.
actually, he has been framed for a transaction and it is a sham transaction. now, department has issued 148A notice regarding sale of a capital asset for 1.8 crore.
how can we explain the matter to A.O and how can we justify it is not a transfer...
CAclubindia
