Kadam sold a vacant land for ₹15 lakh on 20th March, 2019. The indexed cost of acquisition of the land is ₹12,00,000. He received ₹3 lakh being part of the sales consideration in cash and the balance through Electronic C

CS Executive · Tax Laws and Practice · PYQS · June 2019
Kadam sold a vacant land for ₹15 lakh on 20th March, 2019. The indexed cost of acquisition of the land is ₹12,00,000. He received ₹3 lakh being part of the sales consideration in cash and the balance through Electronic Clearance System (ECS). The AO can levy penalty in such case on Kadam of an amount of:
(A) ₹12,00,000
(B) NIL
(C) ₹15,00,000
(D) ₹3,00,000

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act, 1961

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