Kollipara Sundaraiah (B.com) (2984 Points)
21 December 2021It assessee purchases of agrilculture land value rs:456135/- payment through on cash mode in f.y. 2014-15.
Question:
Agrilculture land purchases cash mode allowed and penality applicable in it act.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178099 Points)
Replied 21 December 2021
As per sec. 269ST of IT act, seller cannot accept Rs. 2 lakhs or more by cash for sale of land. There may not be any liability over purchaser, but query raised for such a big amount of cash in hand.
sabyasachi mukherjee
(27579 Points)
Replied 23 December 2021
CAclubindia
