Penalty u/s. 271D unwarranted as reasonable cause shown for cash receipt on sale of property: ITAT Bangalore

Smt. Pushpalatha Vs ITO (ITAT Bangalore) ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for accepting the cash on account of sale of immovable property. Facts- Assessee is an individual. Assessee had sold a property for Rs.90 lakhs. Out of it, she received cash of Rs.49,10,000/-. During the course of assessment proceedings, it was noticed by the AO that assessee was in receipt of cash of Rs.49,10,000/- on account of sale of property. AO was of the view that accepting cash on account of sale of immovable property was...