9911796707
TMI Blog2024 (10) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... the matter at hand, wherein the subject matter was receipt of sale consideration in cash in respect of selling the immovable properties. Consequently, we hold that AO had committed an error in invoking provisions of section 269SS r/w section 271D of the Act and imposing of the penalty. Accordingly, the penalty imposed by the Assessing Officer, confirmed by the CIT(A) is hereby quashed. Appeal filed by the assessee is allowed. - Shri V. Durga Rao, Judicial Member And Shri K.M. Roy, Accountant, Member For the Assessee : Shri Kishore P. Dewani For the Revenue : Shri Abhay Y. Marathe ORDER PER K.M. ROY, A.M. The assessee has filed this appeal challenging the impugned order dated 30/10/2023, passed by the learned Commissioner of Income Tax (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase are, the assessee is an agriculturist and resides at Village Post Shirkhed. She has no income exigible to tax and has no obligation to submit income tax return in past / subsequent years. During the year, she sold agricultural land for ₹ 20 lakh to one Shri Pratik Deshmukh. The sale deed was registered on 15/03/2018. The assessee received ₹ 6,51,000, in cash and hence the Assessing Officer alleged that the assessee has apparently violated the provisions of section 269SS r/w section 271D of the Act by initiating penalty proceedings. The assessee was asked via show cause notice dated 09/03/2022 to submit supporting documents in support of her claim that both parties are agriculturist. Hearing date was fixed on or before 15/03/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of agricultural land between agriculturist is beyond the scope of provisions of section 269SS of Act, in terms of 2nd proviso to section 269SS of Act. No violation under section 269 SS for which the assessee can be visited with penalty under section 271 D of the Act. The learned Counsel further argued that the assessment framed in the case of assessee subsequent to imposition of penalty under section 271D wherein Nil income determined as agricultural land sold was not a capital asset and no income was exigible to tax. The assessment of buyer completed subsequent to levy of penalty and income determined at ₹ Nil, as assessee is not having any income exigible to tax other than agricultural activity. Levy of penalty under section 271D is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or use of electronic clearing system through a bank account or through such other electronic mode as may be prescribed, if, (a) the amount of such loan or deposit or specified sum or the aggregate amount of such 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l development bank by its member.] Explanation. For the purposes of this section, (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; 92 [(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 pla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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