ITAT Hyderabad Deletes Sec 271D Penalty; Property Sale Cash Not Hit by Sec 269SS

Kesireddy Ravinder Reddy Vs ITO (ITAT Hyderabad) ITAT Hyderabad Deletes Sec 271D Penalty – Cash Received as Sale Consideration of Property Not Covered by Sec 269SS In Kesireddy Ravinder Reddy & Yata Ramchander vs ITO (AY 2017-18), the ITAT Hyderabad allowed the assessees’ appeals and deleted penalty levied u/s 271D for alleged violation of sec 269SS. The assessees had received cash of ₹15.65 lakh (₹7.82 lakh each) as part of registered sale consideration for transfer of immovable property, which the JCIT treated as “specified sum” and imposed penalty equal to the cash amount. T...