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Property bought for 48 lakh, stamp value 58.7 lakh: Why ITAT cancelled 70,700 tax penalty

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.