06 October 2012
Sir, What will be the consequence in case a assesses do not make any disclosure of the transaction covered under the AIR in the income tax return? (Transaction was related to Purchase of Immovable Property.)
07 October 2012
AIR is a kind of weapon for the CBDT. It uses this weapon to check the cases of tax evasion. All informations in it are compared with that shown in the ITR. And if the Annual information return contains any amount which has not been disclosed in the itr then show cause notice shall be issued by the department. And now-a-days people who even do not have PAN gets the notice from department. It is all because of AIR.
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