https://www.taxtmi.com/caselaws?id=759760 ITAT Nagpur held that penalty under section 271D for violation of section 269SS was wrongly imposed. The tribunal found that section 269SS prohibits receiving loans or deposits exceeding Rs. 20,000 in cash, but does not cover receipt of sale consideration for immovable property in cash. The AO and CIT(A) erred in interpreting the provisions when the transaction involved property sale consideration, not loan or deposit. The penalty was quashed and the assessee's appeal was allowed. en-us Tue, 01 Oct 2024 00:00:00 +0530 Tue, 08 Oct 2024 09:44:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759760 ITAT Nagpur held that penalty under section 271D for violation of section 269SS was wrongly imposed. The tribunal found that section 269SS prohibits receiving loans or deposits exceeding Rs. 20,000 in cash, but does not cover receipt of sale consideration for immovable property in cash. The AO and CIT(A) erred in interpreting the provisions when the transaction involved property sale consideration, not loan or deposit. The penalty was quashed and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759760