TaxTMI 
TaxTMI 
TaxTMI 
2025 (9) TMI 1651
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.... 2. The sole grievance of the assessee is that the ld.CIT(A) erred in confirming the penalty of Rs. 85.00 lakh levied u/s.271D of the Act for the alleged contravention of section 269SS of the Act for receiving of specified sum in cash more than Rs. 20,000/- on account of sale of immovable property. 3. Facts in brief are that the assessee is a State Govt. Employee and resident of State of Meghalaya and belong to Scheduled Tribe community and the income earned by him from the activity carried out in State of Meghalaya as defined in section 25 of Article 366 of the Constitution of India is exempt from tax u/s.10(26) of the Act. During the year under consideration, assessee sold immovable property and received sale consideration in cash a....
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....nfirmed the penalty levied by the Assessing Officer u/s.271D of the Act by holding as under : "5. Findings: The appeal is delayed. In Forms 35, the appellant has submitted as follows: "Not knowing that an appeal had to be filed online." The delay is condoned only in the interest of natural justice and the matter is taken up for adjudication as hereunder. The Grounds of appeal, the facts and circumstances of the case, the submissions of the assessee and the case laws adduced have been carefully considered. The facts of the case are that the assessee sold immovable property and received the sale consideration in cash. Section 269SS of the Act prohibits receipt of any amount otherwise than ....
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.... Accordingly, the penalty has been rightly imposed. Grounds of appeal are accordingly rejected. 6. As a result, the appeal is dismissed." 6. Aggrieved assessee is now in appeal before this Tribunal. 7. Ld. Counsel for the assessee firstly referred to the paper book containing details of about Agreement for sale of land situated at Shilllong (Meghalaya), copy of bank statement, caste certificate issued by the Government of Meghalaya and the submissions filed before the lower authorities. He also referred to the exceptions provided in section 269SS of the Act and stated that the said provisions are not applicable on the assessee because the income of the assessee is exempt from tax by virtue of section 10(26) of the....
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....uch loan, deposit and specified sum; or (b) on the date of taking or accepting such loan or deposit or specified sum, any loan or deposit or specified sum taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid; or (c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b), is twenty thousand rupees or more: Provided that the provisions of this section shall not apply to any loan or deposit or specified sum taken or accepted from, or any loan or deposit or specified sum taken or accepted by,- (a) the....
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....- (i) "banking company" means a company to which the provisions of the Banking Regulation Act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in section 51 of that Act; [(ii) "co-operative bank", "primary agricultural credit society" and "primary co-operative agricultural and rural development bank" shall have the meanings respectively assigned to them in the Explanation to sub-section (4) of section 80P;] (iii) "loan or deposit" means loan or deposit of money; (iv) "specified sum" means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place." 10. Going from the above pro....
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....73B. Notwithstanding anything contained in the provisions of clause (b) of sub-section (1) of section 271, section 271A, section 271AA, section 271B, section 271BA, section 271BB, section 271C, section 271CA, section 271D, section 271E, section 271F, section 271FA, [section 271FAA,] section 271FAB, section 271FB, section 271G, section 271GA, section 271GB, [section 271GC,]section 271H, section 271-I, section 271J, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA or section 272B or sub-section (1) or sub-section (1A) of section 272BB or sub-section (1) of section 272BBB or clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section (2) of section 273, no penalty sha....