Unregistered Sale Agreement: No 271D Penalty if no Proof of Cash Receipt in Property Sale

ITO Vs Narayanaswamy (ITAT Chennai) Fabricated Agreement Fails Revenue -Unregistered Sale Agreement -No Proof of Cash Receipt in Property Sale-271D Penalty Struck Down: ITAT Chennai Chennai ITAT has upheld the order of CIT(A) deleting a massive penalty of ₹3.02 crore levied u/s 271D, on the allegation of cash receipt in a property transaction. Tribunal held that in the absence of any cogent evidence of actual cash payment, the penalty was unsustainable in law. Assessee had sold immovable property along with others & received ₹17,52,250/- as his share of the consideration. According t...