[aaykarbhavan] Scrutiny

Dear Group Members,

One of assesse Mr. X sold Ancestral agricultural land and deposited sales proceeds to the tune of Rs 30 lacs in the joint account of his wife Mrs. A, his elder son Mr B and younger son Mr C. First name in the joint account is of Mr B. Later on the Sales proceeds were utilised for purchase of agri; land in the name of  his wife Mrs. A, wife of elder son Mrs.D and wife of younger son Mrs. E.

Now Mr B have received notice u/s 148 for reopening of the case. Mr B have no taxable income. Mr C is in 30% tax slab.

Kindly Guide on following issues:

1.  Can AO charge tax in the hands of Mr B?

2.  Can AO treat the joint account holders as AOP and tax them accordingly?

3.  What will be taxability situation of this transaction?

4.  How can the assessee save hiself?

Regards 

Anup Sharma

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