https://www.taxtmi.com/caselaws?id=449310 The ITAT Chennai dismissed the assessee's appeal against penalty under section 271D for violating section 269SS provisions. The assessee sold immovable property and received Rs. 1,60,00,000 in cash as per the registered sale deed. The assessee claimed the deed wrongly recorded cash payment when it was actually debt adjustment through journal entry. The tribunal rejected this contention, stating no court can accept claims of wrong entries in documents duly signed by both parties and registered by Sub-Registrar without material evidence. The CIT(A)'s penalty confirmation was upheld. en-us Wed, 07 Feb 2024 00:00:00 +0530 Fri, 09 Feb 2024 07:21:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449310 The ITAT Chennai dismissed the assessee's appeal against penalty under section 271D for violating section 269SS provisions. The assessee sold immovable property and received Rs. 1,60,00,000 in cash as per the registered sale deed. The assessee claimed the deed wrongly recorded cash payment when it was actually debt adjustment through journal entry. The tribunal rejected this contention, stating no court can accept claims of wrong entries in documents duly signed by both parties and registered by Sub-Registrar without material evidence. The CIT(A)'s penalty confirmation was upheld. Case-Laws Income Tax Wed, 07 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449310