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Abhishek Gupta asked 2 months ago

A firm sold land at 14 Lakhs & stamp duty value is 16 lakhs. Here we will report under clause 17 (understood as consideration is less than stamp duty value). But as per the answer we have to report it under 29B as well (if difference is more than 110% of consideration). (NOV 19 – old Syllabus)
But 29B is applicable when a person RECEIVES any money, immovable property & property other than immovable property.
If we are the tax auditor of the firm so from that point of view, we only have to report under clause 17 then why 29B?

1 Answers
RaviRavi Staff answered 2 months ago

yes clause 29B is not relevant in this question
it is referred by mistake by ICAI 

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