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Property bought for ₹48 lakh, stamp value ₹58.7 lakh: Why ITAT cancelled ₹70,700 tax penalty
Mint 13 hrs ago·26 Sept 2026, 10:25 am
A recent ITAT ruling emphasizes that property transactions below stamp duty value can trigger tax scrutiny. A Ghaziabad taxpayer faced penalties for not reporting a ₹10.7 lakh difference, but the ITAT later overturned the penalty, citing the taxpayer's lack of intent to conceal income.
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