https://www.taxtmi.com/caselaws?id=753312 The ITAT Visakhapatnam allowed the assessee's appeal and deleted the penalty imposed under section 271D for receiving cash of Rs. 15,41,000 in relation to immovable property transfer. The tribunal held that section 269SS was not attracted since the assessee immediately deposited the cash into bank account without suppressing receipts and offered capital gains to tax. The cash receipt under unavoidable circumstances with immediate banking constituted reasonable cause under section 273B, making the penalty unsustainable. The orders of AO-NFAC and CIT(A)-NFAC were set aside. en-us Tue, 28 May 2024 00:00:00 +0530 Thu, 30 May 2024 07:57:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753312 The ITAT Visakhapatnam allowed the assessee's appeal and deleted the penalty imposed under section 271D for receiving cash of Rs. 15,41,000 in relation to immovable property transfer. The tribunal held that section 269SS was not attracted since the assessee immediately deposited the cash into bank account without suppressing receipts and offered capital gains to tax. The cash receipt under unavoidable circumstances with immediate banking constituted reasonable cause under section 273B, making the penalty unsustainable. The orders of AO-NFAC and CIT(A)-NFAC were set aside. Case-Laws Income Tax Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753312