Section 276CC of Income tax Act provides for period of rigorous imprisonment and fine in case of willful failure to file return of income under section 139/148/153A or in response to Notice u/s 142(1). The Prosecution is as follows – 1. If amount of tax sought to be evaded is Rs 25 Lakh or less […]
Where the capital gain arises from transfer of long-term capital asset being land or building or both, and the assessee has, at any time within a period of six months after the date of such transfer invested the whole or any part of capital gains, in the ‘long-term specified assets’, then the capital gain shall be dealt with in accordance with the following provisions of section –
