Cash sale proceeds for immovable property not liable for anti-abuse tax on cash transactions.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Section 271D penalty for contravention of Section 269SS was imposed on consideration received in cash towards sale of property. The Tribunal, following precedents, held that the 'specified sum' u/s 269SS applies only to advances received for immovable property transfer, not the consideration itself. Consequently, the Tribunal directed deletion of the penalty levied u/s 271D, deciding in favor of the assessee.....