https://www.taxtmi.com/caselaws?id=466956 Penalty under the cash-transaction prohibition is not exigible where the sale consideration for agricultural land is a bona fide cash receipt recorded in a registered sale deed, disclosed in return and assessment, and there is no material of mala fide intent or tax evasion; the tribunal applied ejusdem generis and purposive interpretation to exclude such factual matrices from the mischief of the restriction and therefore held penalty unsustainable. The limitation defence was rejected because limitation was extended by legislative amendment and subsequent notifications, and the assessee established reasonable cause, so penalty was deleted. en-us Fri, 12 Sep 2025 00:00:00 +0530 Fri, 27 Feb 2026 08:35:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=466956 Penalty under the cash-transaction prohibition is not exigible where the sale consideration for agricultural land is a bona fide cash receipt recorded in a registered sale deed, disclosed in return and assessment, and there is no material of mala fide intent or tax evasion; the tribunal applied ejusdem generis and purposive interpretation to exclude such factual matrices from the mischief of the restriction and therefore held penalty unsustainable. The limitation defence was rejected because limitation was extended by legislative amendment and subsequent notifications, and the assessee established reasonable cause, so penalty was deleted. Case-Laws Income Tax Fri, 12 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=466956