Understated Sale Value of Agricultural Land to avoid payment of Stamp Duty taxable

 ACIT Vs. Sh. Mohinder Singh (ITAT Chandigarh) Nature of receipt of income over and above the registered sale consideration in the hands of seller The nature of receipt of the income over and above the registered sale consideration in the hands of seller would not fall under the head ‘Capital Gains’ but ‘income from other sources’. Therefore, the amount received by seller over and above the sale consideration mentioned in the registered document, was ordered to be assessed as income from other sources. Understated Sale Value of Agricultural Land to avoid payment of Stamp Duty taxable...