https://www.taxtmi.com/caselaws?id=771383 ITAT Hyderabad held that penalty proceedings under section 271D can be initiated without pending assessment proceedings when there is violation of section 269SS. The assessee argued no cash consideration was received for property transfer, but sale deed acknowledged receipt of consideration without specifying payment mode. Since the document did not specify whether payment was in cash or other modes, and assessee failed to explain during penalty proceedings, the matter was remanded to AO for fresh examination to determine if sale consideration was actually received in cash contravening section 269SS provisions. Appeal allowed for statistical purposes. en-us Wed, 21 May 2025 00:00:00 +0530 Sat, 24 May 2025 09:00:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771383 ITAT Hyderabad held that penalty proceedings under section 271D can be initiated without pending assessment proceedings when there is violation of section 269SS. The assessee argued no cash consideration was received for property transfer, but sale deed acknowledged receipt of consideration without specifying payment mode. Since the document did not specify whether payment was in cash or other modes, and assessee failed to explain during penalty proceedings, the matter was remanded to AO for fresh examination to determine if sale consideration was actually received in cash contravening section 269SS provisions. Appeal allowed for statistical purposes. Case-Laws Income Tax Wed, 21 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771383