Ignorance of Law No Excuse- ITAT confirms Penalty u/s 271D for cash sale consideration 

Verambally Thazhikuniyil Vinodan Vs JCIT (ITAT Cochin)

Ignorance of Law No Excuse- Cochin ITAT confirms Penalty u/s 271D for cash sale consideration; ITAT Cochin: Penalty for Accepting Cash Sale Consideration u/s 271D Upheld – No Relief for NRI Property Dealer

Cochin ITAT dismissed the appeal of an assessee, a Non-Resident Indian engaged in property dealings, & upheld levy of penalty u/s 271D for violation of section 269SS by accepting huge cash consideration on sale of immovable property.

Assessee was subjected to search & seizure operations on 10.02.2016

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