Property seller accepts Rs 5.52 lakh cash from buyer, faces income tax penalty; ITAT Cuttack grants relief due to this technical reason

In a notable case, Mr. Choudhury was penalized by the Income Tax Department for accepting cash during a property sale. His Chartered Accountant contested the application of Section 269SS, stating it was misapplied. The ITAT Cuttack ruled in Mr. Choudhury's favor, referencing a precedent set by the Arati Saraf case, leading to the cancellation of the penalty imposed under Section 271D.

from Tax-Wealth-Economic Times https://ift.tt/QWA4VkP