https://www.taxtmi.com/caselaws?id=781088 ITAT (Kolkata) held that section 269SS does not apply where advances were taken for prospective plot purchases but the vendor failed to perform, agreements were cancelled and amounts were refunded (converted to shares) to prospective buyers. The Tribunal found the assessee was not owner at receipt, the transactions were examined and no addition was made in assessment; consequently the penalty under section 271D imposed by the AO and confirmed by CIT(A) was cancelled and the taxpayer's appeal was allowed. en-us Fri, 03 Oct 2025 00:00:00 +0530 Tue, 11 Nov 2025 08:20:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=781088 ITAT (Kolkata) held that section 269SS does not apply where advances were taken for prospective plot purchases but the vendor failed to perform, agreements were cancelled and amounts were refunded (converted to shares) to prospective buyers. The Tribunal found the assessee was not owner at receipt, the transactions were examined and no addition was made in assessment; consequently the penalty under section 271D imposed by the AO and confirmed by CIT(A) was cancelled and the taxpayer's appeal was allowed. Case-Laws Income Tax Fri, 03 Oct 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=781088