Property seller takes Rs 5.22 lakh cash, faces tax penalty; why ITAT gave relief
Why This Matters
Key context: The Income Tax Assessing Officer (AO) in Berhampur received information from the property registrar's office in Jharsuguda that the man had sold a property and collected Rs 5.22 lakh in cash as part of the payment. The registered sale deed also mentioned the cash component. Following this information, the AO issued the man a notice under Section 269SS of the Income Tax Act and levied a penalty under Section 271DA. This development from timesofindia.indiatimes.com highlights ongoing changes in the sector.
The Income Tax Assessing Officer (AO) in Berhampur received information from the property registrar's office in Jharsuguda that the man had sold a property and collected Rs 5.22 lakh in cash as part of the payment. The registered sale deed also mentioned the cash component. Following this information, the AO issued the man a notice under Section 269SS of the Income Tax Act and levied a penalty under Section 271DA.
Curation & Context
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