Section 271D penalty for contravention of Section 269SS was ...

Cash sale proceeds for immovable property not liable for anti-abuse tax on cash transactions.

Case Laws Income Tax

August 24, 2024

Section 271D penalty for contravention of Section 269SS was imposed on consideration received in cash towards sale of property. The Tribunal, following precedents, held that the 'specified sum' u/s 269SS applies only to advances received for immovable property transfer, not the consideration itself. Consequently, the Tribunal directed deletion of the penalty levied u/s 271D, deciding in favor of the assessee.

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Section 271D penalty for contravention of Section 269SS was ...

Cash sale proceeds for immovable property not liable for anti-abuse tax on cash transactions.

Case Laws Income Tax

August 24, 2024

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