Penalty under s. 271D deleted as cash sale consideration met reasonable cause test under ss. 269SS, 273B

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....ITAT allowed the assessee's appeal and deleted penalty imposed u/s 271D for alleged violation of s. 269SS. The Tribunal found the impugned cash receipt formed part of the genuine sale consideration for land, was duly recorded in the books, immediately deposited in the bank, and fully disclosed to the tax authorities. There was no finding in the assessment or penalty orders that the transaction was not bona fide or that it was structured to evade tax. Holding that the cash was accepted under compulsion of the buyer at the time of registration, ITAT treated these circumstances as "reasonable cause" u/s 273B and held that penalty u/s 271D was not leviable.....