Sale of Site and Receipt of Cash of 10 Lacs

[Rajendra Prasad]

Dear Sir,

₹ 10 Lacs Cash is received on sale of site .

Whether 269SS / 271D is applicable or not.

Is the penalty is mandatory or the penalty can drop on reasonable cause.

is ther any change in the act after 2015

Please clarify.

AI Summary

Cash transaction restrictions on sale proceeds may trigger penalty provisions; applicability and reasonable cause exceptions queried. Receipt of a large cash payment on sale of immovable property raises a query whether restrictions on cash transactions and the linked penalty provisions under the income tax law apply, whether penalty is mandatory or avoidable on reasonable cause, and whether legislative changes since 2015 affect those provisions.