Supreme Court Directs Courts & SRO to report Suits / Deeds of Cash Transaction Above ₹2 Lakh to Income Tax Authorities [Read Order]
The Court ruled that if a lawsuit is brought alleging that a sum of Rs. 2 Lacs or more was paid for a transaction, the Court must notify the relevant Income Tax Department to confirm whether Section 269ST of the Income Tax Act, 1961 (IT Act) has been broken.
The Supreme Court ordered courts and registration authorities to notify the Income Tax Department of any cash transactions above ₹2 lakhs, in a landmark decision intended to combat tax fraud and black money. Since 1929, the Appellant Trust, the Correspondence RBANMS Educational Institution, has owned the contested land and used it for athletic and educational…
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