https://www.taxtmi.com/caselaws?id=447662 The ITAT Chennai dismissed the Revenue's appeal regarding penalty u/s 271D for alleged violation of Section 269SS concerning cash acceptance in immovable property transactions. The assessee received cash payments during registered sale deed execution before the sub-registrar. The ITAT held that Section 269SS applies only to advance payments in immovable property transactions, not to final sale consideration paid during registration. The court relied on the Finance Minister's budget speech and CBDT Circular No.19/2015 clarifying the provision's intent to curb black money generation through advance cash transactions exceeding Rs. 20,000. Since payments were made at registration completion, no Section 269SS violation occurred, making penalty non-exigible. en-us Fri, 29 Dec 2023 00:00:00 +0530 Mon, 01 Jan 2024 21:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447662 The ITAT Chennai dismissed the Revenue's appeal regarding penalty u/s 271D for alleged violation of Section 269SS concerning cash acceptance in immovable property transactions. The assessee received cash payments during registered sale deed execution before the sub-registrar. The ITAT held that Section 269SS applies only to advance payments in immovable property transactions, not to final sale consideration paid during registration. The court relied on the Finance Minister's budget speech and CBDT Circular No.19/2015 clarifying the provision's intent to curb black money generation through advance cash transactions exceeding Rs. 20,000. Since payments were made at registration completion, no Section 269SS violation occurred, making penalty non-exigible. Case-Laws Income Tax Fri, 29 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447662