Property seller takes cash yet wins for this 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…
Attributed summary
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.
Read the original report — Economic Times
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