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TMI Blog2024 (12) TMI 1062X X X X Extracts X X X X X X X X Extracts X X X X ..... as symbolic and for transfer of ownership rights in the property to the vendee. The deed was drawn only for the purpose of Registration of the property and the amount of Rs 33,80,000/- is only the market value of the assessee share in the said property for the purpose of payment of stamp duty. We do not find any evidence of receipt of cash by the assessee for invocation of penalty under the provisions of section 271D. Assessee appeal allowed. - Shri Vikas Awasthy, Judicial Member And Shri Naveen Chandra, Accountant Member For the Assessee : Shri B.B. Bhagat, Adv For the Department : Shri Vipul Kashyap, Sr. DR ORDER PER NAVEEN CHANDRA, ACCOUNTANT MEMBER: - This appeal by the assessee is preferred against the order of the NFAC, Delhi (herei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r A.Y.2017-18 relevant to F.Y. 2016-17 that the assessee had made transactions for sale of immovable property vide registered sale deed No.7874 dated 30.08.2016 and the assessee had accepted cash amounting to Rs. 33,80,000/- in contravention of provisions of section 269SS, thereby attracting penalty u/s 271D of the IT Act, 1961. 5. It was submitted by the assessee before the Assessing Officer that the property located at 2743 to 2746 situated at Kucha Chelian, Darya Ganj, New Delhi is a joint family property bought by 5 brothers in 1986. The property was sold by virtue of verbal agreement with Vendee Mr Iqbal Javed and the vendee is in possession of the property since 2007. It was submitted that the present sales deed was registered at the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be registered due to some domestic reason. The ld AR drew our attention to the sale deed dated 29.08.2016 between the assessee as heir of the fifth brother and the vendee Mr Javed Iqbal to show that the said property was in possession of the vendee since 2007 but the sale deed could not be registered due to some domestic reason. 9. It is the say of the ld AR that the present sales deed dated 29.08.2016 was registered at the current market value of Rs. 1,69,00,000/- attributable into 5 portion at Rs 33,80,000/- for the purpose of complying with the payment of stamp duty for the circle rate applicable, whereas no such amount was received or paid amongst vendor or vendee. 10. The ld AR submitted that the original sales price was settled since ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave perused the relevant material on record. We are of the view that the CIT(A) has misinterpreted the two Sale deeds. Both the sale deeds pertain to the same property located at 2743 to 2746 situated at Kucha Chelian, Darya Ganj, New Delhi and are to read in conjunction. This property was a joint family property bought by 5 brothers in 1986. The property was sold by virtue of verbal agreement to the Vendee Mr Iqbal Javed who got the possession of the property in 2007. The said sale was not registered earlier due to family reasons, the same was being registered in 2015 and 2016. 14. From the reading of the both the sale deeds dated 18.11.2015 and 29.08.2016, it is apparent that the deeds are drawn for registration and payment of stamp duty ..... X X X X Extracts X X X X X X X X Extracts X X X X
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