Man sold properties for Rs 48 lakh cash & paid capital gains tax, but faced penalty

AI Summary

A man in Odisha sold two properties for about Rs 47.54 lakh, received the full amount in cash and reported the transactions in his tax return. Despite paying capital gains tax, he faced a penalty, with the matter considered by a tribunal.

The case concerned a man in Odisha who, according to the submissions before the tribunal, sold two properties for a combined consideration of around Rs 47.54 lakh. However, for this sale he received the entire amount in cash. The person in question disclosed the property transactions in his income tax return (ITR) and paid the capital gains tax due on the sales.