ITAT Jaipur deletes ₹11 lakh cash-sale penalty
In short
ITAT Jaipur deleted an ₹11 lakh penalty for a farmer who sold his house for ₹22.5 lakh and accepted cash in the deal. The tribunal said he did not know the tax rules and allowed relief under Section 273B.
This means the farmer does not have to pay the penalty tied to the cash sale amount.
What the reporting says
ITAT Jaipur deleted an ₹11 lakh penalty on a farmer who accepted cash while selling his house for ₹22.5 lakh. The tribunal cited his lack of awareness of tax rules and said reasonable cause justified relief under Section 273B. The decision removed the penalty linked to the cash component of the property sale.
Why it matters
ITAT Jaipur deleted an ₹11 lakh penalty against a farmer over cash received in a house sale worth ₹22.5 lakh. The tribunal accepted his lack of awareness of tax rules as reasonable cause under Section 273B. The ruling is relevant for taxpayers facing cash-transaction penalties in property deals and for advisers tracking how tax relief is applied.