Sale of agriculture land FY 17-18
Sri Snigdha (Articles Assisstant) (499 Points)
15 July 2022
During FY 17-18, an agricultural land was sold for 40lacs but the document value was 20lacs itself. 20lacs received through cheque and balance in cash. The cash deposited as fixed deposits in the name of the assesee. Now there was a notice from IT Dept for explaining the cash deposit.The assessee has not filed the return during that period!