Taxpayer Wins Challenge Against Cash Transaction Penalty, Tribunal Finds No Statutory Violation in Property Sale

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....ITAT adjudicated a case involving penalty under section 271D for alleged violation of section 269SS. The tribunal determined that the assessee's receipt of cash for immovable property sale, executed before a government registration authority, did not constitute a statutory breach. The tribunal exercised judicial discretion, recognizing the assessee's bonafide belief regarding the applicability of statutory provisions. Considering the technical nature of the alleged violation and following precedential reasoning, the tribunal deleted the penalty imposed under section 271D, emphasizing that statutory obligations must be interpreted with contextual understanding and reasonable interpretation.....