https://www.taxtmi.com/highlights?id=80693 Section 271D penalty for contravention of Section 269SS was imposed on consideration received in cash towards sale of property. The Tribunal, following precedents, held that the 'specified sum' u/s 269SS applies only to advances received for immovable property transfer, not the consideration itself. Consequently, the Tribunal directed deletion of the penalty levied u/s 271D, deciding in favor of the assessee. en-us Sat, 24 Aug 2024 09:07:32 +0530 Sat, 24 Aug 2024 09:07:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80693 Section 271D penalty for contravention of Section 269SS was imposed on consideration received in cash towards sale of property. The Tribunal, following precedents, held that the 'specified sum' u/s 269SS applies only to advances received for immovable property transfer, not the consideration itself. Consequently, the Tribunal directed deletion of the penalty levied u/s 271D, deciding in favor of the assessee. Highlights Income Tax Sat, 24 Aug 2024 09:07:32 +0530 https://www.taxtmi.com/highlights?id=80693