Interpretation of the term "otherwise" in Section 269SS of the ...

Penalty for cash property sale deleted due to reasonable cause & narrow interpretation of "otherwise" Generis.

October 5, 2024

Case Laws Income Tax AT

Interpretation of the term "otherwise" in Section 269SS of the Income Tax Act and the applicability of the penalty u/s 271D for accepting cash consideration on the sale of immovable property. The Tribunal applied the doctrine of "Ejusdem Generis" and held that the word "otherwise" should be interpreted narrowly and cannot include "sale consideration." The Tribunal found reasonable cause u/s 273B for the assessee's failure to comply with Section 269SS, considering the lack of intention to generate unaccounted money, disclosure of the cash receipt in the return, and the assessee's lack of knowledge about the legal provisions. The penalty u/s 271D was deleted in favor of the assessee.

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Interpretation of the term "otherwise" in Section 269SS of the ...

Penalty for cash property sale deleted due to reasonable cause & narrow interpretation of "otherwise" Generis.

October 5, 2024

Case Laws Income Tax AT

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