https://www.taxtmi.com/caselaws?id=764174 ITAT Bangalore held that penalty under Section 271D was not warranted where assessee sold ancestral agricultural property for cash. The assessee had bona fide belief that agricultural property sales to agriculturist relatives were exempt under Section 269SS and that agricultural land being exempt under Section 2(14) meant sale proceeds were also exempt. The entire cash receipt was recorded in the sale deed and disclosed in income tax returns. AO accepted the returned income under Section 143(3). ITAT found no intention to generate black money and deleted the penalty, deciding in favor of the assessee. en-us Fri, 20 Dec 2024 00:00:00 +0530 Fri, 03 Apr 2026 15:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764174 ITAT Bangalore held that penalty under Section 271D was not warranted where assessee sold ancestral agricultural property for cash. The assessee had bona fide belief that agricultural property sales to agriculturist relatives were exempt under Section 269SS and that agricultural land being exempt under Section 2(14) meant sale proceeds were also exempt. The entire cash receipt was recorded in the sale deed and disclosed in income tax returns. AO accepted the returned income under Section 143(3). ITAT found no intention to generate black money and deleted the penalty, deciding in favor of the assessee. Case-Laws Income Tax Fri, 20 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764174