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2023 (4) TMI 892 - AT - Income TaxLevy of penalty u/s 271D - assessee has violated the provisions of section 269SS - assessee has received cash on different dates from two people regarding sale of immovable property - case was selected for limited scrutiny under CASS for examination of ‘cash deposited during the demonetization period’ - HELD THAT:- As during the year, there is no sale of property as is discernible from the assessment order and the assessment order refers to the deposit of cash during demonetization period which was accepted by the Assessing Officer himself being out of sale of immovable property on 20.01.2016 in cash. Therefore, provisions of section 269SS, if any, has been violated in the assessment year 2016-17 and not in A.Y 2017-8. Therefore, the very initiation of penalty proceedings u/s 271D for the A.Y 2017-18 is void abinitio and therefore, the order of the CIT (A) NFAC confirming the penalty u/s 271D of the Act has no legs to stand. We, therefore, set aside the order of the CIT (A) NFAC and direct the Assessing Officer to cancel the penalty. The grounds raised by the assessee are accordingly allowed.
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