No Section 271D Penalty on Cash Payment under Pre-Amendment Property Agreement

Hari Krishna Leela Prasad Vs ITO (ITAT Hyderabad) Penalty u/s 271D not sustainable for cash consideration received under pre-amendment agreement – Relief granted on reasonable cause The Hyderabad Bench of the ITAT, after carefully considering the facts and rival submissions, held that the penalty levied under Section 271D of the Income Tax Act, 1961 for alleged contravention of Section 269SS was not sustainable on merits. The Tribunal noted that the assessee had entered into an agreement for sale of immovable property on 15.05.2015 and had received an advance of Rs. 15,00,000 in cash prior t...