https://www.taxtmi.com/caselaws?id=463135 The ITAT held that receipt of sale consideration in cash for immovable property at the time of registration violates section 269SS, as per clause (iv) of the Explanation to the section. The provisions aim to prevent unaccounted income through cash transactions exceeding Rs. 20,000. The court interpreted "or otherwise" in the Explanation as inclusive of cash receipt during property transfer, confirming the transaction fell within the prohibition. Since the appellant did not establish reasonable cause for the violation, the penalty under section 271D was upheld against the appellant. en-us Thu, 20 Mar 2025 00:00:00 +0530 Thu, 07 Aug 2025 20:34:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=463135 The ITAT held that receipt of sale consideration in cash for immovable property at the time of registration violates section 269SS, as per clause (iv) of the Explanation to the section. The provisions aim to prevent unaccounted income through cash transactions exceeding Rs. 20,000. The court interpreted "or otherwise" in the Explanation as inclusive of cash receipt during property transfer, confirming the transaction fell within the prohibition. Since the appellant did not establish reasonable cause for the violation, the penalty under section 271D was upheld against the appellant. Case-Laws Income Tax Thu, 20 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=463135