Penalty u/s 271D sustainable for contravention of provisions of section 269SS

Siddha Chetty Natarajan Vs ITO (ITAT Chennai) ITAT Chennai held that amount of Rs. 14 Lakhs received in cash for sale of immovable property is against the provisions of section 269SS of the Income Tax Act. Accordingly, penalty under section 271D imposable. Facts- The assessee has received a sum of Rs. 14 lakhs in cash on sale of immovable property. Since, the assessee has violated provisions of section 269SS of the Income-tax Act, 1961, AO issued a show cause notice and called upon the assessee to explain as to why penalty u/s. 271D of the Act cannot be levied. AO, however was not convinced wi...