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Section 271D Penalty Deleted Due to Absence of Satisfaction in Assessment Order
Case Law Details
- Case Name
- Raja Reddy Nalla Vs ACIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2019-20
- Courts
- All ITAT, ITAT Hyderabad
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Raja Reddy Nalla Vs ACIT (ITAT Hyderabad)
The Income Tax Appellate Tribunal (ITAT), Hyderabad, disposed of two appeals together as they involved identical issues relating to Assessment Year 2019-20. The first appeal concerned an assessee against whom a penalty of ₹40 lakh had been imposed under Section 271D of the Income-tax Act for allegedly violating Section 269SS by accepting cash as advance consideration towards the sale of immovable property. During a search and seizure operation, loose sheets indicated that ₹2 crore had been received in cash on behalf of five sellers...
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