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2023 (7) TMI 1201 - ITAT CHENNAIPenalty levied u/s. 271D - assessee has received cash on sale of immovable property which was held to be in contravention of Section 269SS - AR submitted that applying the rule of Ejusdem generis to the expression advance or otherwise, the phrase otherwise would not cover sale consideration and such sale transactions are excluded from the purview of Sec. 269SS - HELD THAT:- The Explanatory Notes to the Finance Act, 2015, enlarging the scope of Sec. 269SS, clearly provide that in order to curb generation of black money by way of dealings in cash in immovable property transactions, Section 269SS of the Income tax Act has been amended to provide that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise, in relation to transfer of an immovable property (specified sum) otherwise than by an account payee cheque or account payee bank draft or by electronic clearing system through a bank account, if the amount of such loan or deposit or such specified sum is twenty thousand rupees or more. Very clearly, the intention of the amendment is to include sale consideration also arising out of immovable property within the ambit of Sec. 269SS. This argument raised by Ld. AR stand rejected. Digital signatures on the penalty order could not be verified - DR produced copy of penalty order wherein digital signatures have clearly been affixed on the penalty order. DR submitted that there is no further requirement that the digital signatures should be verified by the web browser. We concur with Sr. DR's plea since the only requirement is that the order should be signed digitally and nothing more. This argument also stands rejected. But facts as emerges that the assessee has sold property for sale consideration of Rs. 50 lacs out of which substantial sale consideration to the extent of Rs. 45 Lacs has been received in Cheques whereas only a small sale consideration of Rs. 5 Lacs has been received in cash. The sale transaction is duly evidenced by the registered agreement / deed. Considering the fact that the provisions of Sec. 269SS are mainly to curb generation of black money by way of dealings in cash in immovable property transactions which is absence in the present case, we would hold that it is not a fit case for levy of impugned penalty - Decided in favour of assessee.
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