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.