https://www.taxtmi.com/caselaws?id=759639 The ITAT Bangalore ruled in favor of the assessee regarding penalty under section 271D for cash receipt from immovable property sale. The tribunal applied the doctrine of Ejusdem Generis to interpret "otherwise" in section 269SS narrowly, excluding sale consideration from its scope. The court found reasonable cause under section 273B existed as the assessee, a woman with elementary education, disclosed the entire cash receipt in the sale deed and income return, claimed section 54 exemption (allowed by AO), and had no intention to generate black money. The penalty was deleted. en-us Fri, 26 Jul 2024 00:00:00 +0530 Fri, 04 Oct 2024 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759639 The ITAT Bangalore ruled in favor of the assessee regarding penalty under section 271D for cash receipt from immovable property sale. The tribunal applied the doctrine of Ejusdem Generis to interpret "otherwise" in section 269SS narrowly, excluding sale consideration from its scope. The court found reasonable cause under section 273B existed as the assessee, a woman with elementary education, disclosed the entire cash receipt in the sale deed and income return, claimed section 54 exemption (allowed by AO), and had no intention to generate black money. The penalty was deleted. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759639