No penalty u/s 271D for advance received from promoters in cash through Current A/cs

M/s. Space N Place Promoters P. Ltd. Vs. JCIT (ITAT Chennai) Conclusion: Penalty u/s 271D could not be imposed on assessee for advances against sale of flats and cash receipts received from the promoters through their respective current accounts as nothing had been brought on record by Revenue to show that the receipts were superfluous in nature and not for the business of assessee. Held: Assessee engaged in the business of real estate. AO levied penalty u/s.271D for violation of Section 269SS as assessee had received cash loans / advances from certain persons and cash receipts from promoters...