Penalty for Cash Transaction Violation Quashed Due to Misalignment in Orders; Payment During Registration Not Breaching Law.

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....Penalty levied u/s 271D for contravention of Section 269SS, which restricts cash transactions above a specified sum for immovable property. The key points are: The Assessing Officer (AO) failed to reconcile the assessment order and penalty order regarding the violation of Section 269SS. The penalty order should have referenced the AO's communication proposing the penalty initiation. The AO is required to record the satisfaction of Section 269SS violation and reference for penalty initiation in the assessment order itself. The interpretation of "specified sum" as a residuary term encompassing all cash transactions beyond a specified amount is incorrect. The amended Section 269SS applies to cash received as an advance for immovable property t.........