A I.t. assess construction of commercial building value Rs.20 lacs
Rs.5 lacs payments by cash mode.(above 10000 paid per day)
Rs. 15 lacs payments mode by bank cheque.
doubt a person which amount asset value(building value) show in balance sheet.
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Income tax query
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Building value will be as per agreement.
Payment of 5 lakhs (10000/- x 50 days) will invite trouble for seller as this receipt is hit by section 269ST (penalty for this is 100% )
Payment of 5 lakhs (10000/- x 50 days) will invite trouble for seller as this receipt is hit by section 269ST (penalty for this is 100% )
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