https://www.taxtmi.com/caselaws?id=762170 The ITAT Dehradun allowed the assessee's appeal against penalty levied under section 271D for alleged contravention of section 269SS. The assessee received cash against sale of 32 sale deeds. The tribunal held that the AO failed to record satisfaction of violation and reference for penalty initiation in the assessment order as mandatorily required. Additionally, the tribunal ruled that "specified sums" in section 269SS applies only to advance payments in immovable property transactions, not to sale consideration received at the time of registered sale deed execution before sub-registrar. Since all sale deeds were registered with cash payments made during registration, no violation of section 269SS occurred. The penalty was quashed. en-us Thu, 07 Nov 2024 00:00:00 +0530 Mon, 25 Nov 2024 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762170 The ITAT Dehradun allowed the assessee's appeal against penalty levied under section 271D for alleged contravention of section 269SS. The assessee received cash against sale of 32 sale deeds. The tribunal held that the AO failed to record satisfaction of violation and reference for penalty initiation in the assessment order as mandatorily required. Additionally, the tribunal ruled that "specified sums" in section 269SS applies only to advance payments in immovable property transactions, not to sale consideration received at the time of registered sale deed execution before sub-registrar. Since all sale deeds were registered with cash payments made during registration, no violation of section 269SS occurred. The penalty was quashed. Case-Laws Income Tax Thu, 07 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762170