08 March 2016
search was conducted on 26/02/2016. Some stamp paper showing adv. paid for flat amounting to rs. 40 lacs are found by the dept. The date of payment is 08/04/2009. Whether rs. 40 lacs will be added for tax purpose in assessment?
09 March 2016
what do you think? naturally it should be added unless you are able to demonstrate that the source of money used for payment of this advance was either already taxed in earlier years or it was from an exempt source.
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