No Penalty for Cash Sale of Immovable Property If Deposited in Bank: ITAT Visakhapatnam

Vijapurapu Sudha Rao Vs ITO (ITAT Visakhapatnam) Introduction: The article delves into the case of Vijapurapu Sudha Rao vs ITO, as adjudicated by ITAT Visakhapatnam. The appellant contested the penalty imposed under section 271D of the Income Tax Act for receiving a significant cash amount in the sale of an immovable property. Detailed Analysis: The assessee, Vijapurapu Suryanarayana Rao, filed an appeal against the order of the Commissioner of Income Tax (Appeals), challenging the penalty under section 271D for receiving ₹29,65,000 in cash during the sale of a property. The contention was t...