Property bought for ₹48 lakh, stamp value ₹58.7 lakh: Why ITAT cancelled ₹70,700 tax penalty
The Income Tax Appellate Tribunal (ITAT) cancelled a ₹70,700 penalty imposed on a Ghaziabad taxpayer for not reporting a ₹10.7 lakh difference between a property purchase price of ₹48 lakh and its stamp value of ₹58.7 lakh. The ITAT ruled that there was no intent to conceal income, highlighting scrutiny risks for property transactions below stamp duty value.