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Many property transactions escape the taxman’s scrutiny because false or fictitious PANs are used during registration. Such practices make it difficult for the Income-tax (I-T) Department to trace the actual parties involved in a transaction.
Evading reporting requirements
The I-T Department gathers data on property transactions through reports filed by registrar offices under Section 285BA of the Income-tax Act and Rule 114E of the Income-tax Rules. Registrars and sub-registrars must report transactions involving immovable property valued at ₹30 lakh or more through Form 61A.
“Individuals evade reporting by quoting incorrect, invalid, or fictitious PANs, or those belonging to others, to
