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

Clarification sought on mandatory penalty under Sections 269SS and 271D for cash receipt of 10 lakhs; post-2015 law changes. An individual inquired about the applicability of sections 269SS and 271D of the Income Tax Act concerning a cash receipt of 10 lakhs from the sale of a site. The query sought clarification on whether the penalty under these sections is mandatory or can be waived for a reasonable cause, and if there have been any changes in the law post-2015.