https://www.taxtmi.com/caselaws?id=778939 ITAT, Bangalore (AT) allowed the appeal and deleted penalty under section 271D. The assessee sold two immovable properties on 22.03.2017, receiving Rs. 5,16,000 in cash for each property (total Rs. 10,32,000), of which Rs. 10,00,000 was deposited to bank on 24.03.2017. The AO accepted genuineness of the transactions. The Tribunal found a reasonable cause under section 273B-buyer had not provided account-payee cheque/DD before registration and the assessee was compelled to accept cash to complete registration-and directed deletion of the penalty. en-us Tue, 21 Jan 2025 00:00:00 +0530 Thu, 25 Sep 2025 08:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778939 ITAT, Bangalore (AT) allowed the appeal and deleted penalty under section 271D. The assessee sold two immovable properties on 22.03.2017, receiving Rs. 5,16,000 in cash for each property (total Rs. 10,32,000), of which Rs. 10,00,000 was deposited to bank on 24.03.2017. The AO accepted genuineness of the transactions. The Tribunal found a reasonable cause under section 273B-buyer had not provided account-payee cheque/DD before registration and the assessee was compelled to accept cash to complete registration-and directed deletion of the penalty. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778939