Purchase of property below stamp duty valuation

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• Once the source of cash is accepted and taxed under Section 269SS, second addition under Section 69A on the same amount is impermissible and amounted to double taxation.
• Purchase price of alleged penny stock cannot be disputed in year of sale of such stock.
• There is no requirement to file the books of account and vouchers if assessee has income u/s 44AD
• Purchasers cannot be left at the mercy of the seller as they can also not compel the selling dealer to file the return within stipulated time and deposit the tax Collected.