Flipping farm land for cash? ITAT’s ruling may close India’s oldest black money trick

A tax tribunal ruling has cast a shadow on the practice of using agricultural land to launder money. The Income Tax Appellate Tribunal (ITAT) questioned the non-payment of tax on the undervalued purchase of farmland, a common method for converting illicit cash into legitimate funds. If upheld, this ruling could significantly impede the use of farmland for money laundering.