Cash Received at Time of Property Registration Not Hit by Sec.269SS – Penalty u/s 271D Deleted

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 circumstances due to ...