Man sold two properties for Rs 47.54 lakh and received cash payments for them; he paid capital gains tax, yet faced penalty, but ITAT Cuttack cancels it because tax officer invoked wrong section
After examining the facts, ITAT Cuttack held that Section 269SS did not apply to the transactions. (Image for representative purpose only) What if you sell properties but receive the payment in cash? Despite recording capital gains in your tax return, are you still likely to face penalties from the Income Tax Department?The Income Tax Appellate…
