https://www.taxtmi.com/caselaws?id=468383 Cash received as consideration for transfer of immovable property was treated as falling within the scope of section 269SS because the expression "specified sum" was read to include sums received in relation to such transfer, including amounts received "otherwise" than as advance. On that basis, acceptance of cash under the sale deed was held to constitute a violation attracting penalty under section 271D. The taxpayer also failed to establish reasonable cause for receiving part of the consideration in cash, so the statutory protection under section 273B was unavailable. The penalty was accordingly sustained. en-us Tue, 10 Oct 2023 00:00:00 +0530 Mon, 04 May 2026 11:33:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468383 Cash received as consideration for transfer of immovable property was treated as falling within the scope of section 269SS because the expression "specified sum" was read to include sums received in relation to such transfer, including amounts received "otherwise" than as advance. On that basis, acceptance of cash under the sale deed was held to constitute a violation attracting penalty under section 271D. The taxpayer also failed to establish reasonable cause for receiving part of the consideration in cash, so the statutory protection under section 273B was unavailable. The penalty was accordingly sustained. Case-Laws Income Tax Tue, 10 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468383