Abc a partnership firm come into existence on 1 april 2013 by a partnership deed.
Its main object is construction of shop nd apartments.
It purchase a property on june2013 sdv of which was 2 cr. While purchase consideration shown in purchase deed was 1 cr.
It then construct shop over it nd sale the same for rs. 2.5 cr in july 2014
Till that period this firm does not have pan.
In sep 2014 it apply for pan .
Now it receibe a notice for non pan transaction and asking to link the Pan.
So pls tell that after linking pan, what will be future coirse of action from the Income tax department and what the assessee hv to do.
CAclubindia
