https://www.taxtmi.com/caselaws?id=466499 Assessee disputed penalty for accepting cash allegedly as a loan, asserting the sums were advances under a registered agreement for sale of land; revenue treated the document as afterthought evidence on old stamp paper. Tribunal relied on registrar records and an earlier bench direction to determine the assessee acquired proprietary rights on 10.04.2013, after which cash receipts of Rs. 40 lakh, Rs. 50 lakh and Rs. 10 lakh were received on specified dates. Applying the ownership finding to the payments, the Tribunal accepted the advance-sale character of the receipts and held that no penalty could be sustained, allowing the appeal. en-us Mon, 24 Feb 2025 00:00:00 +0530 Fri, 06 Feb 2026 15:58:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466499 Assessee disputed penalty for accepting cash allegedly as a loan, asserting the sums were advances under a registered agreement for sale of land; revenue treated the document as afterthought evidence on old stamp paper. Tribunal relied on registrar records and an earlier bench direction to determine the assessee acquired proprietary rights on 10.04.2013, after which cash receipts of Rs. 40 lakh, Rs. 50 lakh and Rs. 10 lakh were received on specified dates. Applying the ownership finding to the payments, the Tribunal accepted the advance-sale character of the receipts and held that no penalty could be sustained, allowing the appeal. Case-Laws Income Tax Mon, 24 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466499