Buying farm land to legitimise undisclosed funds? New Tax tribunal ruling a big blow; here’s how these deals work

Tax authorities are scrutinizing agricultural land transactions used to conceal unaccounted money. A recent ITAT verdict, addressing a tax evasion case, could disrupt this practice. The ITAT’s interpretation of ‘immovable assets’ to include agricultural land may hinder money laundering through undervalued land purchases if endorsed by the High Court.