Case Law Details
Surender Reddy Vanteru Vs JCIT (ITAT Hyderabad)
ITAT Hyderabad held that receipt of more than Rs. 20,000 by way of cash without any reasonable cause is in contravention of provisions of section 269SS of the Income Tax Act. Accordingly, penalty under section 271D duly imposed.
Facts- Assessee is an individual and was regularly assessed to tax. AO came to know that assessee accepted cash payment of Rs.14,73,960/- on sale of agricultural land situated at Nadergal Village, R.R. District, in contravention to the provisions of Section 269SS of the Act. Thereafter, the explanation given by the assessee was not satisfactory to AO and hence, he passed order u/s. 271D of the Act on 29.02.2020 imposing penalty of Rs.14,73,960/- for AY 2017-18.
CIT(A) dismissed the appeal. Being aggrieved, the present appeal is filed.
Conclusion- Held that the assessee has violated the provisions of section 269SS r.w.s. 271D of the Act. The assessee was not having any reasonable cause for accepting the consideration, which is more than Rs.20,000/- by way of cash, we do not find any merit in the appeal of the assessee. Accordingly, the appeal of the assessee is dismissed.
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