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Section 271D Penalty Waived for Cash Payments in Property Sales
Case Law Details
- Case Name
- Bhaskar Thattaruthodiyil Nair Vs ITO (ITAT Cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2017-18
- Courts
- All ITAT, ITAT Cochin
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Bhaskar Thattaruthodiyil Nair Vs ITO (ITAT Cochin)
The Income Tax Appellate Tribunal (ITAT) of Cochin recently addressed a key issue regarding cash payments in real estate transactions in the case of Bhaskar Thattaruthodiyil Nair vs. ITO. The central question was whether a penalty under Section 271D of the Income Tax Act, 1961, could be imposed on an individual who received a cash amount as part of the final sale consideration for an immovable property.
Factual Background
The assessee, Bhaskar Thattaruthodiyil Nair, was penalized by the tax authorities for receiving ₹20 lakh in cash during t...
Author Info
