Sold your house and accepted ₹11 lakh in cash? ITAT deletes penalty, citing seller's lack of awareness of tax rules
Summary
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 held that reasonable cause justified relief under Section 273B.
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Sold your house and accepted ₹11 lakh in cash? ITAT deletes penalty, citing seller's lack of awareness of tax rules
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 held that reasonable cause justified relief under Section 273B.
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