Report of Suspected Tax Evasion and Fraudulent Sale of Property by Mr. Deb Narayan Sharma

[ashakantasharma]

Dear Sir/Madam,
I hope this email finds you well. I am writing to report a suspected case of tax evasion and fraudulent activity concerning Mr. Deb Narayan Sharma, who has allegedly underreported the sale price of a residential property in order to evade tax payment on long-term capital gains.
The details of the individual and the transaction are as follows:

• Name: Mr. Deb Narayan Sharma
• Aadhar Card Number: 749548056837
• Electoral Voter Identity Card Number: GZH2180316
• Mobile Number: 9957881002
• Property Address: House No. 3, Ram Krishna Path, Rang Pathar, Fatashil Ambani, Near Water Supply Office, Guwahati 781025, Assam, India.
• Land Size: Greater than 1 Katha
• Estimated Market Value of the Land: At least ₹1 Crore
• Sale Value as per Sale Deed: Approximately ₹15-20 Lacs

The sale deed appears to reflect a significant underreporting of the property's market value in an apparent attempt to avoid tax liabilities under Section 45 of the Income Tax Act, 1961, which governs long-term capital gains (LTCG) on the sale of immovable property.
It is evident that the actual sale price of the land is vastly understated compared to its market value, thereby intentionally minimizing the taxable gain and circumventing the lawful tax obligations of Mr. Sharma. This constitutes a violation of various provisions under the Income Tax Act, including:

1. Section 45 - Tax on long-term capital gains.
2. Section 50C - Consideration in case of underreporting of property value during sale.
3. Section 271(1)(c) - Penalty for concealment or misrepresentation of income.
4. Section 277 - False statement in the returns with intent to evade tax.

This fraudulent practice of tax evasion is a serious offense and directly undermines the integrity of our tax system. I kindly request that the Income Tax Department initiate an investigation into this matter, and take the necessary action as per the law of the land, including an audit of Mr. Sharma’s tax returns, the property transaction details, and the underreported sale value.
I trust the department will treat this matter with the utmost seriousness and act swiftly to prevent further illegal activities of this nature. If you require any additional information or documentation from my side, please do not hesitate to contact me.
Thank you for your time and attention to this urgent matter.