https://www.taxtmi.com/caselaws?id=466452 Penalty under Section 271D was contested where a cash receipt of Rs. 1 crore was explained as an advance for sale of a specified parcel of land; the tribunal found no contrary record rejecting that explanation but noted lack of inquiry into ownership and encumbrances. The matter is remitted to the assessing officer to verify whether the assessee owned the land and whether it was freely transferable; if ownership and freedom from encumbrance are established, the advance characterization will be accepted and no penalty shall be levied. The revenue appeal is allowed for statistical purposes only. en-us Thu, 20 Dec 2018 00:00:00 +0530 Mon, 09 Feb 2026 21:21:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466452 Penalty under Section 271D was contested where a cash receipt of Rs. 1 crore was explained as an advance for sale of a specified parcel of land; the tribunal found no contrary record rejecting that explanation but noted lack of inquiry into ownership and encumbrances. The matter is remitted to the assessing officer to verify whether the assessee owned the land and whether it was freely transferable; if ownership and freedom from encumbrance are established, the advance characterization will be accepted and no penalty shall be levied. The revenue appeal is allowed for statistical purposes only. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466452