Penalty u/s 271D for violation of Section 269SS was challenged. ...

Cash property deal penalty challenged. Court: No penalty if reasonable cause like legal unawareness shown.

Case Laws Income Tax

October 17, 2024

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. 20,000, penalty u/s 271D was not leviable if reasonable cause u/s 273B for non-compliance with Section 269SS was demonstrated, such as lack of knowledge of legal provisions. Relying on precedents, ITAT allowed the appeal and deleted the penalty, finding that the assessee had reasonable cause for non-compliance with Section 269SS due to lack of awareness of legal provisions.

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Penalty u/s 271D for violation of Section 269SS was challenged. ...

Cash property deal penalty challenged. Court: No penalty if reasonable cause like legal unawareness shown.

Case Laws Income Tax

October 17, 2024

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