https://www.taxtmi.com/caselaws?id=771107 The ITAT Amritsar held that penalty under section 271D for violation of section 269SS was not justified where the assessee had a bonafide belief that provisions operative from 01.06.2015 were not applicable to immovable property held as stock in trade. Following R. Dhinagharan (HUF), the tribunal ruled that receiving cash in lump sum against sale of immovable property before Government Registration authority with proper registration does not violate section 269SS. The penalty was deleted as the breach was technical and based on bonafide belief. en-us Fri, 20 Sep 2024 00:00:00 +0530 Tue, 20 May 2025 18:23:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771107 The ITAT Amritsar held that penalty under section 271D for violation of section 269SS was not justified where the assessee had a bonafide belief that provisions operative from 01.06.2015 were not applicable to immovable property held as stock in trade. Following R. Dhinagharan (HUF), the tribunal ruled that receiving cash in lump sum against sale of immovable property before Government Registration authority with proper registration does not violate section 269SS. The penalty was deleted as the breach was technical and based on bonafide belief. Case-Laws Income Tax Fri, 20 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771107