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 ca

Please become a Premium member. If you are already a Premium member, login here to access the full content.