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Cash Received at Time of Property Registration Not Hit by Sec.269SS – Penalty u/s 271D Deleted
Case Law Details
- Case Name
- Smt. Thilagavathi Sivaprakasam Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Chennai
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Smt. Thilagavathi Sivaprakasam Vs ITO (ITAT Chennai)
Cash Received at Time of Property Registration Not Hit by Sec.269SS – Penalty u/s 271D Deleted
The assessee sold an immovable property for ₹45 lakh, out of which ₹35 lakh was received through banking channel and ₹10 lakh in cash on the date of registration of the sale deed. The Assessing Officer treated the cash receipt as a violation of section 269SS and levied penalty of ₹10 lakh u/s 271D, which was confirmed by the CIT(A).
Before the Tribunal, the assessee explained that the property was sold under distress circ...
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