Courts Must Intimate IT Authorities About Suits Involving Cash Payments Above ₹2 Lakh: Supreme Court

In a landmark judgment dated April 11, 2024, the Supreme Court of India has directed that any civil suit involving a cash transaction of ₹2 lakh or more must be immediately reported to the jurisdictional Income Tax Department. The court emphasized the role of Section 269ST of the Income Tax Act, 1961, which prohibits the acceptance of large sums in cash to prevent circulation of black money and promote digital…