Penalty under s.271D cancelled as s.269SS held inapplicable where advances received from non-owner and later refunded

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....The ITAT allowed the assessee's appeal and set aside the penalty under s.271D imposed for alleged default under s.269SS. The Tribunal found on the facts that the assessee was not the landowner when advances were received, had filed agreements with the AO evidencing proposed purchases, and the transactions ultimately did not materialize; the amounts were refunded to prospective buyers by allotment of shares on 31.03.2011 after the vendor failed to perform. Applying the amended scope of s.269SS and following relevant authorities, the Tribunal held s.269SS inapplicable and consequently cancelled the penalty confirmed by the CIT(A), allowing the assessee's appeal.....