2026 (8) TMI 1697

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....pondent : Shri Abhijit, Sr. DR ORDER Per Sanjay Garg, Judicial Member: The present appeal has been filed by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (hereinafter referred to as "NFAC"), Delhi (hereinafter referred to as "CIT(A)"), dated 21.01.2026 passed under Section 250 of the Income Tax Act, 1961 (hereinafter referr....

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....owever, the assessee filed a revised return and declared the said cash amount of sale consideration therein. The AO accepted the revised return, however, levied penalty u/s 271D of the Act for receiving the sale consideration of Rs. 31,95,813/- in cash in violation of provision of Section 269SS of the Act. The Ld. CIT(A) confirmed the penalty so levied by the AO. 4. Before us, at the outset, Ld....

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....dition of the purchasers to accept partial amount in cash. That the assessee were not aware that the same would be in any manner a violation of Income Tax Provisions. Ld. AR of the assessee has further submitted that when the assessee and his family members came to know that they were supposed to disclose the entire sale consideration including the amount received in cash, they immediately filed r....