https://www.taxtmi.com/caselaws?id=446527 ITAT Visakhapatnam held that penalty under section 271D for cash receipt in immovable property transfer was unsustainable. Assessee received advance partly by cheque and remaining in cash, but immediately deposited cash in bank account and offered capital gains for taxation. Court found no suppression of cash receipts and reasonable cause existed under section 273B due to unavoidable circumstances. The objective of section 269SS to curb black money generation was not violated as transaction was genuine and transparent. en-us Wed, 29 Nov 2023 00:00:00 +0530 Wed, 06 Dec 2023 13:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446527 ITAT Visakhapatnam held that penalty under section 271D for cash receipt in immovable property transfer was unsustainable. Assessee received advance partly by cheque and remaining in cash, but immediately deposited cash in bank account and offered capital gains for taxation. Court found no suppression of cash receipts and reasonable cause existed under section 273B due to unavoidable circumstances. The objective of section 269SS to curb black money generation was not violated as transaction was genuine and transparent. Case-Laws Income Tax Wed, 29 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446527