Penalty u/s 271D - assessee has accepted cash as part of sale ...

Penalty for Cash Sale Invalidated Due to Lack of AO's Satisfaction in Assessment Order Under Income Tax Act.

December 9, 2023

Case Laws Income Tax AT

Penalty u/s 271D - assessee has accepted cash as part of sale consideration on sale of immovable property - the Ld.AO has not recorded the satisfaction regarding the initiation of penalty proceedings while passing the assessment order u/s. 143(3) of the Act which is a prerequisite for initiation of penalty u/s. 271D of the Act. We are of the considered opinion that issuing a notice u/s. 274 r.w.s 271D of the Act is nothing but an afterthought of the Ld. AO. - No penalty - AT

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Penalty u/s 271D - assessee has accepted cash as part of sale ...

Penalty for Cash Sale Invalidated Due to Lack of AO's Satisfaction in Assessment Order Under Income Tax Act.

December 9, 2023

Case Laws Income Tax AT

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