Very Urgent Please- Query recd from Director of Income Tax

Rishab (A.C.A.) (155 Points)

19 July 2011  

Dear All,

An Assessee is regular in filling returns every year; He entered into a transaction purchasing property jointly worth more than 30 Lakhs. All the payments made thereof are well accounted entries. In the returns he has also declared the transaction in the AIR Column. Further part payment of the purchase was funded by LOAN. The Agreement was made & Regd. by the builder, but still he annexed copy of PAN Card and also mentioned the Pan No. in the Agreement in F.Y 2009-2010. I guess the Registrar might have not entered the Pan No. at time of Document Registration.

Now he has received a letter from the Director of Income Tax(CIB) stating that they are in possession of information through AIR that you have entered into a High Value transaction in which you have not quoted PAN.

So they have asked for PAN No., copy of PAN Card and copy of ITR.

My question is what to do?

Just mention PAN No., annex copy of PAN and copy of Return?

OR mention PAN No., annex copy of PAN, Copy of Returns for F.Y 2009-2010 and also annex a letter giving explanation that he has declared the transaction in the Returns and also the Pan No. in the transaction. And also give all the particulars and Details of source of Capital Invested while purchasing that property.

 

Please reply early, Thanks!