https://www.taxtmi.com/caselaws?id=765986 ITAT Chennai held that penalty u/s 271D for violation of Section 269SS was not imposable on assessee who acted as middleman in land transaction. The tribunal ruled that Section 269SS applies to actual recipients of money in their independent right, not brokers who receive and immediately transfer funds between principals. The court found reasonable cause existed as the relevant amendment was introduced after the MoU date, and assessee with elementary education could not have known of the legal requirements. Appeals allowed, penalty deleted. en-us Wed, 29 Jan 2025 00:00:00 +0530 Fri, 14 Feb 2025 08:26:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765986 ITAT Chennai held that penalty u/s 271D for violation of Section 269SS was not imposable on assessee who acted as middleman in land transaction. The tribunal ruled that Section 269SS applies to actual recipients of money in their independent right, not brokers who receive and immediately transfer funds between principals. The court found reasonable cause existed as the relevant amendment was introduced after the MoU date, and assessee with elementary education could not have known of the legal requirements. Appeals allowed, penalty deleted. Case-Laws Income Tax Wed, 29 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765986