the department is issuing spate of letters/notices to purchasers of properties , where the consideration paid is less than market value/guide line value. Whether the said sec. is applicable to purchases since the word used is 'received" doesnot mean purchase/sale .
Further is it applicable to capital assets as per sec.2(14)?
whether fiction of treating the difference between apparent consideration and market value is tenable?
If an Indl/Huf claims that property purchased is meant to be stock in trade ? how to justify the same?
your views are welcome
the section is intented to cover purchases but there is drafting error as suggested by u