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Section 271D penalty for contravention of Section 269SS was imposed on consideration received in cash towards sale of property. The Tribunal, following precedents, held that the 'specified sum' u/s 269SS applies only to advances received for immovable property transfer, not the consideration itself. Consequently, the Tribunal directed deletion of the penalty levied u/s 271D, deciding in favor of the assessee.
Section 271D penalty for contravention of Section 269SS was imposed on consideration received in cash towards sale of property. The Tribunal, following precedents, held that the 'specified sum' u/s 269SS applies only to advances received for immovable property transfer, not the consideration itself. Consequently, the Tribunal directed deletion of the penalty levied u/s 271D, deciding in favor of the assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
