ITAT Relieves Senior Citizen from Section 271D Penalty on Property Sale Cash

Maheshwarappa Muniramu Vs JCIT (ITAT Bangalore) ITAT Bangalore Deletes Penalty u/s 271D on Cash Receipt from Property Sale – Reasonable Cause Established- Section 273B Relief Applied- Senior Citizen’s Bona Fide Belief Saves from Penalty on Cash Transaction- ITAT: Penalty Not Automatic – Genuine Transaction Exempted from 271D Bangalore ITAT considered levy of penalty u/s 271D for alleged violation of Section 269SS on receipt of cash. Assessee, a senior citizen aged 82, along with his son sold immovable property for ₹85,43,100 on 30/06/2016. Out of his 50% share, he received ₹10,00,000...