https://www.taxtmi.com/caselaws?id=757393 ITAT Hyderabad held that penalty under section 271D was not leviable where assessee received cash payment of Rs.9,38,000 during property registration before Sub-Registrar. The transaction occurred shortly after amendment came into force, assessee lacked proper legal advice regarding cash receipt restrictions, and suffered loss in the transaction. ITAT ruled that section 269SS provisions apply only to advance payments, not final payments made during registration. Following precedent from ITAT Chennai, the Tribunal found no violation of section 269SS and allowed assessee's appeal against penalty imposition. en-us Fri, 05 Jul 2024 00:00:00 +0530 Fri, 23 Aug 2024 20:34:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757393 ITAT Hyderabad held that penalty under section 271D was not leviable where assessee received cash payment of Rs.9,38,000 during property registration before Sub-Registrar. The transaction occurred shortly after amendment came into force, assessee lacked proper legal advice regarding cash receipt restrictions, and suffered loss in the transaction. ITAT ruled that section 269SS provisions apply only to advance payments, not final payments made during registration. Following precedent from ITAT Chennai, the Tribunal found no violation of section 269SS and allowed assessee's appeal against penalty imposition. Case-Laws Income Tax Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757393