If investment in property found out by department, same can be consider as undisclosed investment in the year in which it is found out.Further if it is proved that investment is made prior to 6 previous years (which is the situation in this case ) their is no need to show book entry. If person offer sales proceed for tax on his own he is eligible for all provisions under IT Act.
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Discussion / Re: Taxes on a property sold which has not been shown in books
September 10, 2011, 10:16:23 PMPages1