Mr, Raj Kumar, a resident and corporate employee for the AY 2024-25 filed his return of income on 31/07/2024 disclosing total income of 45,50,000/-.…

Mr, Raj Kumar, a resident and corporate employee for the AY 2024-25 filed his return of income on 31/07/2024 disclosing total income of 45,50,000/-. During the relevant financial year 2023-24, he purchased a plot of land in the Rural Area for actual consideration of 10 Lakhs. The value of the plot as per the stamp duty valuation authority (Guidance Value) was - 19.50 Lakhs. The return has been selected for scrutiny and the FAO has issued a notice to Mr. Raj Kumar to show cause as to why the difference of 9.50 Lakhs between the stamp duty value and actual consideration should not be added to his total income under the head "Income from other Sources". Mr. Raj Kumar has actually purchased the plot for 10 Lakhs, however, he is worried that the FAO is not going to accept his version and after the assessment order, he may face penalty for under reporting of income and prosecution for wilful attempt to evade Income Tax. After the assessment order is passed, which amongst the following is an option available to Mr. Raj Kumar, to get the dispute resolved: