07 February 2012
I HAVE SOLD LAND AT NAGAUR TOWN IN RAJASTHAN WITH SALE DEED OF 2.5 BIGAS FOR 36 LAKHS IN START OF MARCH 2009. AFTER 10 DAYS WHEN CAD MEASURMENT WAS MADE THE LAND AREA/VALUE WAS FOUND LESS. HENCE PREPOTIONATE VALUE WAS REFUNDED BACK BY CHEQUE. HENCE THE REAL SALE VALUE BECAME 35.5 LAKHS.AND ACORDINGLY WE HAVE PAID TAX.IT OFFICER SAYS SINCE SALE DEED IS 36 LAKHS YOU HAVE EVADED TAX & THEY ARE CLAIMING PENALITY ON THE SAME. PLEASE CAN U HELP WHAT IS CORRECT. SURANA
07 February 2012
The assessing officer is wrong in this case since the amended sale deed of Rs. 35.5 Lacs as explained by you, you have not evaded any tax and show the officer payment receipt and details of sale.Thanks
CAclubindia
