New Delhi, Nov. 9 -- The Income Tax Appellate Tribunal (ITAT), Jaipur, has deleted an Rs.11 lakh penalty imposed on an agriculturist for accepting part of his residential property's sale consideration in cash. The tribunal held that the taxpayer had demonstrated reasonable cause for violating the prescribed cash transaction rules, considering his rural background, lack of awareness of the relevant tax provision and the transparent disclosure of the property sale.

In its order dated 6 November 2026, in Omprakash vs ITO, Ward 2(1), Kota (ITA No. 439/JPR/2026) for assessment year 2019-20, the tribunal ruled that the taxpayer's bona fide belief and circumstances justified relief under Section 273B of the Income-tax Act, 1961. It consequently...