https://www.taxtmi.com/caselaws?id=763482 The ITAT Delhi ruled in favor of the assessee in a penalty case under Section 271D for alleged violation of Section 269SS regarding cash transactions for immovable property sale. The tribunal found that the sale deed was symbolic, executed solely for registration purposes, with the stated amount representing market value for stamp duty calculation rather than actual cash received. Since property possession was transferred in 2007 but the deed was executed in 2016, the tribunal concluded no actual cash transaction occurred. The penalty was set aside and the assessee's appeal was allowed. en-us Wed, 18 Dec 2024 00:00:00 +0530 Fri, 20 Dec 2024 08:46:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763482 The ITAT Delhi ruled in favor of the assessee in a penalty case under Section 271D for alleged violation of Section 269SS regarding cash transactions for immovable property sale. The tribunal found that the sale deed was symbolic, executed solely for registration purposes, with the stated amount representing market value for stamp duty calculation rather than actual cash received. Since property possession was transferred in 2007 but the deed was executed in 2016, the tribunal concluded no actual cash transaction occurred. The penalty was set aside and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 18 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763482