We have paid Rs. 11,53,000/- TDS on sale of Property (800) on 02/03/2023 vide CIN No.

23030200070282RBIS on property value of Rs. 11,53,00,000/-. However, while filling property value in
Form No. 26QB amount wrongly mentioned at Rs. 461,20,00,000/- instead of correct amount of Rs.
11,53,00,000/-.

SUCH RECOMPUTATION OF RS. 200299 WILL LEAD TO DOUBLE TAXATION AS THIS INCOME OF RS.
200299 HAS ALREADY BEEN DISCLOSED AS INCOME FROM OTHER SOURCES. IT HAS
BEEN COMMON PRACTICE FOR NUMBER OF THE YEARS TO SHOW NON BUSINESS
INCOME SHOWN IN CAPITAL ACCOUNT IN ITEM NO 16(D) OF FROM NO. 3CD&
DECLARING SUCH INCOME IN THEIR RESPECTIVE HEADS OF INCOME IN
COMPUTATION OF INCOME & THE RETURNS USED TO BE PROCESSED WITHOUT ANY
QUERY.

https://portal1.passportindia.gov.in/AppOnlineProject/secure/trackStatusForFilledApplication

Section 145A : Method of accounting in certain cases

 Valuation of inventory = Cost & NRV – WEL

 Valuation of purchased and sale of goods & service = tax, duty, cess actually paid by the
assessee to bring the goods and services to the place of its location and conditions
 Inventory being the securities not listed in a recognized stock exchange / listed but not quoted
= actual cost initially recognized
 Other than any securities = actual cost & NRV – WEL

Section 147 : Income Escaping Assessment

 If any income chargeable to tax has escaped for any AY, the AO assess such income or re-
compute the loss or depreciation or disallowance and serve the Notice after complying the
provision of section 148A.

Section 131(1) : Power regarding discovery, production of evidence etc.

 Assessment proceeding is ongoing is must.

 The AO, DC(A), JC, CIT(A), PCCIT, CCIT, PCIT, CIT, Dispute Resolution Panel (DRP) have
power to discovery as follows-
o Discovery and inspection
o Enforcing the attendance of any person (including banking company & examining
him on oath
o Compelling the production of BOA & other Documents
o Issuing commissions

Section 131(1A) : If PDG / DG / PD / D /JD / AD / DD or Authorized officer u/s 132(1) has reason that
any income concealed or likely to be concealed by any person within his jurisdiction
then for the purpose of making investigation or enquiry relating thereto, it shall be
competent for exercising the power mentioned u/s 131(1).
Section 131(2) : Any person or class of persons in relation to an agreement referred to section
90 / 90A, it shall compete for any Income Tax Authority not below the rank of
Assistant Commissioner of Income Tax to exercise the power conferred u/s
131(1).
Section 131(3) : Impound & Retain

 An authority may Impound & retain the BOA & other Documents produced
before it in any proceedings by assessee u/s 131(1).
 BOA & other Documents can’t retain more than 15 days. (as per case law
extended period is not more than original time period i.e. 15 days)
 An AO / AD / DD shall want to extent the time period for impounding any
BOA or any other Documents-
o After recording his reasons for that
o Prior approval of PCCIT / CCIT / PDG / DG / PCIT / CIT / PD / D

Section 132 : Search & seizure

(1) Where PDG / DG / PD / D / PCCIT / CCIT / PCIT / CIT / Add. D / Add. C / JD / JC
in consequence of information in his possession, has reason to believe that –
a) Summons u/s 131(1) or Notice u/s 142(1) was issued to produce or
cause to be produced any BOA & other Documents has omitted / failed
to produce or cause to be produced such BOA & other Documents as
required by summons / Notice.
b) Summons u/s 131(1) or Notice u/s 142(1) has been issued to produce
or cause to be produced any BOA & other Documents will / would not
produce or cause to be produced such BOA & other Documents as
required by summons / Notice.
c) Assessee is in the possession of any money, bullions. Jewellery or other
valuable things or articles represents either wholly or partly income or
property which has not been disclosed or not likely to be disclosed
have power as under-
i. Enter and search any building / place / vessel / vehicle / aircraft
where they have reason to suspect that BOA, Documents,
money, bullions, Jewellery or other valuable things or articles
are kept.
ii. Break open the lock of any door, box, locker, safe, almirah or
any other receptacle (place for collection), if are not ready
available.
 iii. Search any person who is got out of or get in to the building /
place / vessel / vehicle / aircraft, if the officer has reason to
suspect.
iv. Accounts are kept in electronic format then the any person who
is found to be in possession or control of any BOA & other
Documents to provided necessary facility to inspect such BOA or
other Documents.
v. Seized any things which are found during the search except
stock in trade.
vi. Place mark of any identification of any BOA or other Documents
or take extracts copies of BOA & Documents.
vii. Make a note of inventory of any such money, bullions, Jewellery
or other valuable things or articles.
Provided that where it is not practical to take physical possession of any valuable
articles or things and remove it to the safe place due to volume, weight or other
physical characteristics and dangerous nature, the authorized officer may serve an
order on the owner of that things or articles that he shall not remove or part with
the deal. The permission of such authorized officer is required for deal with that
things or article.

(1A)

TRANSFER PRICING
Section 92 : Computation of income from international transaction having regard to arm’s length price

(1) Any income arising from international transaction shall be computed as Arm’s
length price. (Including any expenses or interest arising from an International
Transaction).
(2) Where an International Transaction & Specified Domestic Transaction, two or more
associated enterprises enter into the mutual agreement.