Gapital gain on land

RAKESH KUMAR BHAGWANI (Querist) 31 May 2016 This query is : Resolved
Dear sir i have purchased a agri-cultural land 8 year ago and sold that 2 year ago now
I Have not show purchased agri land in my audit as well as in my ITR,.And also not show in books of audit and ITR at the time of sale land,now i got notice of of income tax and assesee officer said that i will charged tax on purchase amount and sales amount of property as well as with 300 time panalty

please suggest me i did show in my audit book at the time of purchased agri land but i have record of my personal balance sheet in which i have shown.
and the time of sale i was sure that agriland sold profit is not taxable i was not show in books the land is situated 15 km/ away from the municpal corporation now my question are.

1.ITO CAN CHARGED TAX ON SALES AND PURCHASED BOTH AMOUNT WHILE THE LAND IS AGRICULTRAL AND AWAY 15 KM/ AWAY FROM M.CORPORATION.

2.ITO CAN DECLARE BOTH SALE AND PURCHASED AMOUNT IS BLACK TAXABLE.WHAT IS THE ACT PLEASE GUIDE ME I WILL BE GREAT THANKFUL TO YOU.

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H.M.Patnaik (Expert) 31 May 2016
Pl. clarify whether the property in question was purchased on own name or in the name of business entity? whether the sale and purchase transactions have passed through any bank account, if yes then who holds the said account?