Categories: Business

Property deed shows Rs 1.60 crore, taxman alleges Rs 3.30 crore sale but ITAT gives relief

The dispute concerned a man and his wife, who jointly owned a property in Delhi before selling it.The Income Tax Department alleged that the buyers had paid an additional amount in cash beyond the sale consideration documented in the registered conveyance deed. The assessing officer calculated the total transaction value at around Rs 3.30 crore, whereas the registered sale deed recorded a consideration of Rs 1.60 crore.

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