ITAT Cuttack grants relief to property seller in Rs 5.52 lakh cash case
In short
ITAT Cuttack gave relief to Mr. Choudhury in a property sale case involving Rs 5.52 lakh cash. The Income Tax Department had penalized him, but his Chartered Accountant argued that Section 269SS was misapplied.
The tribunal agreed and cancelled the penalty under Section 271D, citing the Arati Saraf case. That helped the taxpayer avoid the fine.
What the reporting says
ITAT Cuttack ruled in Mr. Choudhury’s favor after the Income Tax Department penalized him for accepting Rs 5.52 lakh cash during a property sale. His Chartered Accountant argued that Section 269SS was misapplied, and the tribunal cited the Arati Saraf precedent before cancelling the penalty under Section 271D. The decision gave the taxpayer relief in the cash-transaction dispute.
Why it matters
ITAT Cuttack ruled for Mr. Choudhury after the Income Tax Department penalized him for accepting Rs 5.52 lakh cash in a property sale. His Chartered Accountant challenged the use of Section 269SS, and the tribunal cited the Arati Saraf precedent before cancelling the penalty under Section 271D. The case is a tax relief outcome tied to cash-payment rules in property transactions.