Capital gain

This query is : Resolved

Mohammad Sharique (Querist)
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06 April 2019 For A.Y. 2012-13 assessee sold out property less than the circle rate, notice issued u/s 148 for levied tax u/s 50c. Please let us know the remedy to assessee and favorable judgment for assessee.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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07 April 2019 Once a case is re-opened U/s 147, addition is almost certain.
The best way is to take consultation from an experienced CA and go ahead in proceedings.
If the assessee has not filed any return then by disclosing the true income in the return he may save the assessee from the penalty.
We may request the AO to get valuation from DVO (Department's Valuation Officer) also.
However, the action and situation may differ from case to case.