ITAT held that cash receipt of Rs. 7 lakhs for immovable...

ITAT held that cash receipt of Rs. 7 lakhs for immovable property sale did not violate section 269SS. The unregistered agreement to sale, which subsequently culminated in a sale deed, was deemed valid. The department failed to verify the cash payment details or provide cogent reasons for rejecting the assessee's claim. No substantive evidence demonstrated a violation of statutory provisions. The tribunal found no merit in the penalty order and directed the Assessing Officer to delete the penalty. The appeal was allowed, with the CIT(A)'s procedural inconsistencies regarding appeal filing date also noted and dismissed.