Experts say that the judgment means anyone who has accepted such a cash payment will now think twice before filing a case in court.“Even if the court accepts their claim, they may still have to pay an equal amount as penalty under Section 271DA.
However, the respondent and another individual claimed to have entered into a sale agreement in 2018 with the alleged owners of the property, asserting rights over it, and claimed that they had paid Rs 75 lakh in cash as an advance for an agreement to sell.
Section 269ST of the Income Tax Act bars individuals and entities from receiving cash payments of Rs 2 lakh or more from a single source, even if the transaction is split across multiple tranches.
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