Assessee received cash consideration from sale of property, ...

Property sale proceeds in cash legally used for new purchase after due registration.

Case Laws Income Tax

October 22, 2024

Assessee received cash consideration from sale of property, deposited in bank account and utilized to purchase another property. AO accepted transaction in regular assessment without addition. Assessee contended no violation of Section 269SS as cash received after due registration of property, as per sale agreement and CBDT circulars. ITAT allowed appeal, relying on Dhinagharan case, holding cash payment made at time of registration before sub-registrar does not violate Section 269SS. No penalty leviable u/s 271D.

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Assessee received cash consideration from sale of property, ...

Property sale proceeds in cash legally used for new purchase after due registration.

Case Laws Income Tax

October 22, 2024

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