ITAT Cochin Upholds Penalty for Cash Sale of Property Under Section 269SS

Subramanyan Harikumar Vs JCIT (ITAT Cochin) Section 269SS applies even at Registration: ITAT Cochin terms prior decision in Bhaskar Thattaruthodiyil held Per Incuriam Assessment of the individual assessee was completed by AO vide 143(3) order dt 10.10.2019accepting the returned income. During the course of assessment proceedings, AO noticed that Assessee had violated provisions of Sec269SS by accepting sale consideration of Rs. 17.50 lakhs in cash against sale of residential property on 29.06.2016. Matter was referred to JCIT, who issued SCN dt 25.10.2019 to Assessee. In response , Assessee fi...