Penalty for violation of section 269SS imposable only in year of violation

Jayaram Basani Vs ACIT (ITAT Hyderabad) ITAT Hyderabad held that in case of violation of provisions of section 269SS of the Income Tax Act, penalty can be only in the year in which violation has taken place and not in any assessment year. Facts- The assessee had sold an immovable property and the sale proceeds were received in cash amounting to Rs. 13,63,000/-. On observation that the cash amounting to more than Rs.20,000/- was accepted in contravention to the provisions of section 269SS by the Assessing Officer, a show cause notice u/s 271D was issued and served on the assessee on 04.03.2021....