https://www.taxtmi.com/caselaws?id=757433 Cash sale consideration received at the time of the final transfer of immovable property did not amount to a contravention of section 269SS where the Tribunal construed "specified sum" in its Explanation as limited to advance receipts in relation to such transfer. Because the amount was received as sale consideration, not as an advance, section 271D penalty was not attracted and could not survive. The assessee therefore succeeded on the interpretation that cash received as final payment for immovable property falls outside the mischief of the penalty provision. en-us Wed, 21 Aug 2024 00:00:00 +0530 Sat, 24 Aug 2024 09:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757433 Cash sale consideration received at the time of the final transfer of immovable property did not amount to a contravention of section 269SS where the Tribunal construed "specified sum" in its Explanation as limited to advance receipts in relation to such transfer. Because the amount was received as sale consideration, not as an advance, section 271D penalty was not attracted and could not survive. The assessee therefore succeeded on the interpretation that cash received as final payment for immovable property falls outside the mischief of the penalty provision. Case-Laws Income Tax Wed, 21 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757433