ITAT Deletes Penalty u/s 271D on Cash Sale of Agricultural Land due to Reasonable Cause

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...