Cash Sale Consideration Before Sub-Registrar Not Hit by Section 269SS: ITAT Hyderabad

Advertisement Ramkumar Reddy Satty Vs ACIT (ITAT Hyderabad) The appeal before the ITAT Hyderabad concerned the levy of penalty under section 271D of the Income-tax Act, 1961 for alleged violation of section 269SS in respect of cash received on sale of immovable property. The assessee sold a property during assessment year 2018–19 for ₹39,38,000, out of which ₹9,38,000 was received in cash at the time of registration of the sale deed on 12 July 2017. The Assessing Officer levied penalty equal to the cash amount, holding that acceptance of such cash violated section 269SS. The Commissio...