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ITAT issues guidelines for stay of demand.

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Started by sai prasad, May 28, 2015, 11:18:01 AM

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sai prasad

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