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NOTICE
NOTICE
2001)
As per CPR No IT2021040801011159000 dated 08/04/2021, you have purchased immovable property
worth Rs. 17,700,000/-. Under the provision of section 75A of the Income Tax Ordinance 2001, no person
shall purchase immovable property having a fair market value greater than 5 million rupees otherwise
than by a cross cheque drawn on a bank or through cross demand draft or cross pay order or any other
cross banking instrument showing transfer of amount from one bank account to another bank account.
Thus, the property purchased by you as above is greater than 5 million. Please provide documentary
evidence regarding the payment made through the banking channel, otherwise, a penalty proceeding
under section 182(1) Sr. No. 21 of the Income Tax Ordinance, 2001 will be initiated against you, which is
at the rate of 5% of the purchased immovable properties.