Penalty u/s 271D sustained for cash receipts in contravention of provisions of section 269SS

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 assess...