TaxTMI 
TaxTMI 
2023 (7) TMI 1201
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....penalty levied by Ld. Assessing Officer [AO] u/s. 271D of the Act vide order dated 22-02-2022. In the penalty order, the penalty has been levied on the finding that the assessee has received Rs. 5 Lacs in cash on sale of immovable property of Rs. 50 Lacs which was held to be in contravention of Section 269SS of the Act. The Ld. CIT(A) confirmed the penalty against which the assessee is in further appeal before us. 2. The registry has noted a delay of 34 days in the appeal, the condonation of which has been sought by Ld. AR on the strength of an affidavit filed by the assessee. Though Ld. DR opposed condonation of delay, however, considering the period of delay, the delay is condoned and we proceed to dispose-off the appeal on merits. 3. T....
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.... person from accepting any specified sum otherwise than by an account payee cheque or draft or use of electronic clearing system through a bank account. The "specified sum" has been defined in Explanation (iv) to mean any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property. The contention of the assessee is that the intention of this section is to tackle black money and as she has declared the entire sale consideration of Rs. 50 lakhs as her income, there is no black money in this transaction. To my mind, this contention of the assessee is very simplistic. One has to examine the intention of the Legislature only through Explanatory Notes to the Finance Act, 2015 and not through one'....
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....rough a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more. 5.1 It can be seen that the intention of Parliament in amending the section is a very wide intention of curbing generation of black money by way of dealings in cash in immovable property transactions. It is evident from the section as well as Explanatory Notes to the Finance Act, 2015 reproduced above that what has been barred is dealing in cash and that too for immovable property transactions. Dealing in cash does not distinguish between black money or disclosed transactions. To my mind, the intention of Parliament is omnibus bar of cash transactions in immovable property. This being so, the argument of the assessee is not....
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....eal before us. Our findings and Adjudication 5. The first argument of Ld. AR is that the expression used in Sec. 269SS is that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property. The Ld. AR submitted that applying the rule of Ejusdem generis to the expression advance or otherwise, the phrase otherwise would not cover sale consideration and such sale transactions are excluded from the purview of Sec. 269SS. However, we are unable to accept this argument. The Explanatory Notes to the Finance Act, 2015, enlarging the scope of Sec. 269SS, clearly provide that in order to curb generation of black money by way of dealings in cash in im....