Four years ago, I have entered into a sale deed. But, I have never received any sales proceeds and the registration is in a civil litigation. Now, there has been Notice under section 148 from Income Tax Officer to submit a re-assessment. As such, there is no capital consideration and there is no question of paying Income Tax. I also want to take this opportunity to get the investigation conducted by Income Tax Department to establish the fact that there is no monetary consideration. I am not sure if all of this is possible. Please advise me the options I have to tackle this situation and to utilize this as an opportunity to my advantage.
Many thanks in advance for your valuable feedback and direction.