Tax authorities are intensifying scrutiny on the practice of using agricultural land transactions to launder undisclosed funds, following a pivotal ruling from the Income Tax Appellate Tribunal (ITAT). This ruling, which addresses the tax implications of undervalued land sales, highlights how influential individuals exploit these transactions to legitimize unaccounted wealth without incurring capital gains tax.
Explain It To Me Like I’m 5: A recent tax ruling has raised concerns about the common practice of using agricultural land purchases to disguise unreported money, potentially disrupting a system where individuals pay less for land and later sell it at a higher price to legitimize their hidden wealth.
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