https://www.taxtmi.com/highlights?id=73505 Penalty u/s 271D - assessee has accepted cash as part of sale consideration on sale of immovable property - the Ld.AO has not recorded the satisfaction regarding the initiation of penalty proceedings while passing the assessment order u/s. 143(3) of the Act which is a prerequisite for initiation of penalty u/s. 271D of the Act. We are of the considered opinion that issuing a notice u/s. 274 r.w.s 271D of the Act is nothing but an afterthought of the Ld. AO. - No penalty - AT en-us Sat, 09 Dec 2023 13:38:05 +0530 Sat, 09 Dec 2023 13:38:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=73505 Penalty u/s 271D - assessee has accepted cash as part of sale consideration on sale of immovable property - the Ld.AO has not recorded the satisfaction regarding the initiation of penalty proceedings while passing the assessment order u/s. 143(3) of the Act which is a prerequisite for initiation of penalty u/s. 271D of the Act. We are of the considered opinion that issuing a notice u/s. 274 r.w.s 271D of the Act is nothing but an afterthought of the Ld. AO. - No penalty - AT Highlights Income Tax Sat, 09 Dec 2023 13:38:05 +0530 https://www.taxtmi.com/highlights?id=73505