Penalty Deleted as Cash Sale Consideration at Registration Held Outside Section 269SS

ITO Vs R. Dhinagharan (HUF) (ITAT Chennai) The appeal before the ITAT Chennai arose from deletion of penalty levied under section 271D of the Income-tax Act, 1961, for assessment year 2016–17. The Joint Commissioner had imposed a penalty of ₹3,03,46,301 for alleged violation of section 269SS, on the ground that the assessee, a Hindu Undivided Family engaged in real estate development, received the entire sale consideration for sale of plots in cash at the time of registration of sale deeds. The Commissioner (Appeals) deleted the penalty, holding that the transactions were fully disclosed, ...