Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
The ITAT held that penalty under section 271D could not stand because the AO proceeded on an incorrect premise that receipt of cash on transfer of immovable property through a subsisting GPA made section 269SS applicable. A sale deed could validly be executed through a GPA until cancelled, and there was no material that the GPA had been cancelled before execution of the sale deed. On that basis, the invocation of the penal provision was erroneous, and the Tribunal followed co-ordinate Bench decisions on the same issue. The appeal was allowed and the penalty deleted.
The ITAT held that penalty under section 271D could not stand because the AO proceeded on an incorrect premise that receipt of cash on transfer of immovable property through a subsisting GPA made section 269SS applicable. A sale deed could validly be executed through a GPA until cancelled, and there was no material that the GPA had been cancelled before execution of the sale deed. On that basis, the invocation of the penal provision was erroneous, and the Tribunal followed co-ordinate Bench decisions on the same issue. The appeal was allowed and the penalty deleted.
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