Section 271D Penalty for Technical Violation of Section 269SS not sustainable

Gopinath Kanduri Vs ITO (ITAT Hyderabad) In the case of Gopinath Kanduri vs. ITO (ITAT Hyderabad), a medical practitioner faced a penalty under section 271D of the Income Tax Act due to a technical violation of section 269SS. Case Background: During the financial year 2017-18, the assessee earned income from both medical practice and capital gains derived from the sale of property. The total proceeds from the property sale amounted to Rs. 1,25,58,000. While the assessee reported this income for capital gains tax, the Assessing Officer (AO) noted that a portion of the sale consideration, totali...