Property seller takes Rs 5.22 lakh cash, faces tax penalty; why ITAT gave relief

The Income Tax Assessing Officer (AO) in Berhampur received information from the property registrar's office in Jharsuguda that the man had sold a property and collected Rs 5.22 lakh in cash as part of the payment. The registered sale deed also mentioned the cash component. Following this information, the AO issued the man a notice under Section 269SS of the Income Tax Act and levied a penalty…