New Delhi, Sept. 26 -- A property deal can trigger income-tax scrutiny when the price paid by a buyer is significantly lower than the property's stamp-duty value. A recent Income Tax Appellate Tribunal (ITAT) ruling involving a Rs.48 lakh property purchase shows how such a difference can lead to a tax notice, and even a penalty.

According to a report by The Economic Times, a taxpayer from Indirapuram, Ghaziabad, purchased a property for Rs.48 lakh, while its stamp duty value was Rs.58.7 lakh. The Rs.10.7 lakh difference came under the Income Tax Department's scrutiny.

Also, the taxpayer did not file an income-tax return for the purchase. The Assessing Officer (AO), therefore, issued a notice under Section 148, questioning the transactio...