Section 271D Penalty Deleted Due to Absence of Satisfaction in Assessment Order

Raja Reddy Nalla Vs ACIT (ITAT Hyderabad) The Income Tax Appellate Tribunal (ITAT), Hyderabad, disposed of two appeals together as they involved identical issues relating to Assessment Year 2019-20. The first appeal concerned an assessee against whom a penalty of ₹40 lakh had been imposed under Section 271D of the Income-tax Act for allegedly violating Section 269SS by accepting cash as advance consideration towards the sale of immovable property. During a search and seizure operation, loose sheets indicated that ₹2 crore had been received in cash on behalf of five sellers, including the a...