13 December 2009
the AO has some information that the assessee has sold a land at a higher price but registered it at amuch lower price.the assessee has not shown any cap gains in the return.the assessee has also denied any such sale in his submissons. can the AO add back the amount to the income without anything on record except the departmental information?
13 December 2009
No. He can't do so, unless and until he has some proof for this. You can challenge his decision in appeals if you think that you are right and his decision is erroneous.
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