ITAT Bangalore Deletes Section 271D Penalty on Cash Sale Receipt

Bommarabettu Madhusudhana Acharya Vs ITO (ITAT Bangalore) Penalty u/s 271D Deleted – Cash Received as Sale Consideration Not Loan/Deposit – Reasonable Cause & Bona Fide Transaction Covered u/s 273B – ITAT Bangalore In ITA No.937/Bang/2025, AY 2016-17, the assessee received ₹13,56,500 in cash from buyers towards sale of flats, which was treated by the Department as violation of Sec.269SS, leading to penalty u/s 271D equal to the amount received. The assessee contended that the cash represented balance sale consideration and was accepted due to insistence from buyers, who were temple...