Section 269SS Inapplicable to One-Time Cash Payment on Sale Deed: ITAT Chandigarh

Surjit Kaur Vs ITO (ITAT Chandigarh) ITAT Chandigarh Deletes Section 271D Penalty for Cash Sale Consideration Received at Registration The Chandigarh Bench (SMC) of the Income Tax Appellate Tribunal (ITAT) allowed the appeal of the assessee for AY 2017-18 and deleted penalty of ₹7.41 lakh levied under section 271D for alleged violation of section 269SS. The penalty was imposed on the ground that the assessee received entire sale consideration in cash on sale of a plot. The Tribunal noted that no assessment was framed, the transaction resulted in capital loss, and—most importantly—the ass...