https://www.taxtmi.com/caselaws?id=783978 Penalty under section 271D was found unsustainable where cash received as sale consideration for immovable property was supported by an agreement to sell, deposited in the bank account, and accepted in assessment without any adverse finding on source or genuineness. The statutory breach was therefore treated as not attracting penal consequences because the underlying transaction was genuine and had not been doubted by the Assessing Officer. On that basis, the penalty was set aside in favour of the assessee. en-us Tue, 23 Dec 2025 00:00:00 +0530 Fri, 26 Dec 2025 07:18:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783978 Penalty under section 271D was found unsustainable where cash received as sale consideration for immovable property was supported by an agreement to sell, deposited in the bank account, and accepted in assessment without any adverse finding on source or genuineness. The statutory breach was therefore treated as not attracting penal consequences because the underlying transaction was genuine and had not been doubted by the Assessing Officer. On that basis, the penalty was set aside in favour of the assessee. Case-Laws Income Tax Tue, 23 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783978