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ITAT Deletes Penalty u/s 271D on Cash Sale of Agricultural Land due to Reasonable Cause
Case Law Details
- Case Name
- Smt. Nimmatoori Yashoda Vs DCIT (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-2018
- Courts
- All ITAT, ITAT Hyderabad
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Smt. Nimmatoori Yashoda Vs DCIT (ITAT Hyderabad)
Reasonable Cause Saves Assessees- Cash Sale of Agricultural Land -ITAT Hyderabad Deletes Penalty u/s 271D
Background
Both assessees, trustees of Aurora Educational Society group, were covered in a search u/s 132. They had jointly sold agricultural land at Bommaipally village to M/s Aishwarya Infra Developers. As part of sale consideration, substantial amounts were received in cash – ₹1.62 crore (Yashoda) & ₹90.80 lakh (Sulochana). AO referred matter for penalty, holding receipt of cash consideration violated Section 269SS (“specified...
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