Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
The ITAT Visakhapatnam dealt with a case involving penalty u/s. 271D for receiving cash in relation to the transfer of immovable property, which falls under section 269SS. The case was scrutinized under CASS to verify the source of cash deposits. Section 269SS prohibits receiving cash for immovable property transfers to curb black money. However, since the cash received was deposited into the bank account and capital gains were declared, it was deemed genuine. The explanation provided by the assessee constituted a "reasonable cause" u/s 273B, as the cash was accepted under unavoidable circumstances. The penalty imposed by the AO and upheld by the CIT(A) was deemed unsustainable in law, leading to the penalty being deleted. The assessee's appeal was allowed.
The ITAT Visakhapatnam dealt with a case involving penalty u/s. 271D for receiving cash in relation to the transfer of immovable property, which falls under section 269SS. The case was scrutinized under CASS to verify the source of cash deposits. Section 269SS prohibits receiving cash for immovable property transfers to curb black money. However, since the cash received was deposited into the bank account and capital gains were declared, it was deemed genuine. The explanation provided by the assessee constituted a "reasonable cause" u/s 273B, as the cash was accepted under unavoidable circumstances. The penalty imposed by the AO and upheld by the CIT(A) was deemed unsustainable in law, leading to the penalty being deleted. The assessee's appeal was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
