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TMI Blog2024 (8) TMI 1097X X X X Extracts X X X X X X X X Extracts X X X X ..... a position is not disputed by the Department. In the circumstances, the assessee not receiving proper advice as to the non-desirability of receiving the sale consideration in cash and his explanation cannot be brushed aside. The meaning of the specified sum has also been dealt with by a Co-ordinate Bench of the Tribunal in the case of ITO vs. Shri. R. Dhinagharan (HUF) [ 2024 (1) TMI 61 - ITAT CHENNAI] , wherein the ITAT took the view that the sum specified as per Explanation to Section 269SS only applicable for advance receivable, namely, as advance or otherwise means advance can be in any manner, and therefore, this provision will not apply to the transaction that happens when the final payment at the time of registration of sale deed and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ggrieved, assessee preferred appeal before the learned CIT(A), and pleaded that the cash was received from the purchaser on the day of registration and before the Jt. Sub Registrar only, due to pressing medical need of his mother. Learned CIT(A), however, did not accept the contention of the assessee, stating that it is only an afterthought and self-serving. Learned CIT(A) accordingly dismissed the appeal of the assessee vide order dated 01/06/2023, holding that violation of the provisions under section 269SS of the Act shall follow and confirmed the penalty. 4. Aggrieved by the order of learned CIT(A), the assessee is now in appeal before us. Learned AR submitted that the amendment brought out under the provisions of section 269SS of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 9,38,000/- as advance, but he received the same in front of the sub-registrar at the time of registration for sale of property. For this, he produced a copy of the registered sale deed for verification, which was not denied by the Learned assessing officer. 5. Per contra, learned DR placed heavy reliance on the orders of the authorities below and submitted that the sale consideration received in cash at the time of registration of sale deed, also hit by the provisions of Section 269SS of the Act in relation to acceptance of specified transaction of specified sum of money i.e., whether as advance or otherwise, which means even the sale consideration received at the time of registration of sale deed is hit by this provision. Learned DR, h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 28/12/2023, wherein the ITAT took the view that the sum specified as per Explanation to Section 269SS of the Act, only applicable for advance receivable, namely, as advance or otherwise means advance can be in any manner, and therefore, this provision will not apply to the transaction that happens when the final payment at the time of registration of sale deed and payment takes place before sub-registrar for registration of property. Relevant part of para-No.12.1 of the decision of the ITAT is as under : From the above provisions, Memorandum explaining the intention of amendment by Finance Bill, 2015 including the definition of sum specified brought in the Explanation to Section 269SS of the Act, it is clear that the intention for bri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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