Penalty u/s 271D - cash received of sales of immovable property ...

Section 271D Penalty Overturned: Cash Payment During Property Sale Registration Exempt from Section 269SS Violation.

January 2, 2024

Case Laws Income Tax AT

Penalty u/s 271D - cash received of sales of immovable property - allegation of violation of provisions of Sec.269SS - cash payment was made at one go before the subregistrar at the time of registration of sale deeds of plots - This provision will not apply to the transaction that happens at the time of final payment at the time of registration of sale deed and payment is made before sub-registrar at the time of registration of property. - AT

View Source

← Previous Next →

Penalty u/s 271D - cash received of sales of immovable property ...

Section 271D Penalty Overturned: Cash Payment During Property Sale Registration Exempt from Section 269SS Violation.

January 2, 2024

Case Laws Income Tax AT

You may also like:

Penalty levied u/s 271D for contravention of Section 269SS, which restricts cash transactions above a specified sum for immovable property. The key points are: The...

Assessee received cash consideration from sale of property, deposited in bank account and utilized to purchase another property. AO accepted transaction in regular...

The summary focuses on the interpretation and applicability of Section 271D and Section 269SS of the Income Tax Act. The key points are: Section 271D imposes a penalty...

Penalty u/s 271D - Sale of property in cash - meaning of the term “specified sum” - The ITAT examined the definition of "specified sum" under Explanation (iv) to Section...

Penalty levied u/s 271D - violation of the provisions of section 269SS - assessee sold an immovable property and received part consideration in cash - The Tribunal...

Levy of penalty u/s 271D - Cash transaction in connection with violation of section 269SS - reasonable cause - Sale of residential flats to an agriculturist - cash sale...

Settlement Commission's order rejecting exemption u/s 54 on cash portion invested in purchasing property after sale of another property was invalid. Section 54 does not...

Penalty u/s 271D for violation of Section 269SS was challenged. ITAT held that where assessee received sale consideration for immovable property in cash exceeding Rs....

Addition u/s 69A - Source of Cash deposit - Assessee contended that same is received in advance against the sale of property - Levy of penalty u/s 271D - The ITAT held...

Penalty u/s 271D - violation of provisions u/s 269SS - cash receipt claimed as advance against sales - recording of the satisfaction by the AO is sine qua non for...

Section 271D penalty for contravention of Section 269SS was imposed on consideration received in cash towards sale of property. The Tribunal, following precedents, held...

Penalty u/s 271D - accepting loan in cash - reasonable cause - the AO has neither doubted the impugned transaction nor any addition made in this behalf even under...

The case pertains to penalty proceedings u/s 271D for violating Section 269SS and Section 271E of the Income Tax Act. The assessee received Rs. 18 lakh from a trustee...

Penalty u/s. 271D - Receipt of cash against sale of immovable property - The sale transaction is duly evidenced by the registered agreement / deed. Considering the fact...

Assessee sold ancestral agricultural property for cash consideration to relatives, agriculturists. Though agricultural land sale proceeds exempt u/s 2(14), assessee bona...

Quick Updates: