ITAT Relieves Property Seller in Cash Transaction Penalty Case

An Income Tax Assessing Officer in Berhampur penalized a property seller after discovering a Rs 5.22 lakh cash component recorded in a Jharsuguda sale deed. The AO acted under Section 269SS and levied penalties pursuant to Section 271DA of the Income Tax Act. However, the Income Tax Appellate Tribunal later intervened to provide legal relief to the taxpayer regarding this transaction.