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2024 (3) TMI 948 - ITAT HYDERABADPenalty u/s 271D - violation of the provisions under section 269SS - Assessee sold the property for a consideration received in cash - meaning of the term “specified sum”- assessee pleaded that the cash of Rs. 9.38 lakhs was received from the purchaser on the day of registration and before the Jt. Sub Registrar only, since the purchaser did not have sufficient bank balance and hence had to pay such sum in cash, which was accepted by the assessee to avoid inconvenience to the purchase - HELD THAT:- The meaning of the “specified sum” has dealt in the case of ITO vs. Shri. R. Dhinagharan (HUF), [2024 (1) TMI 61 - ITAT CHENNAI] wherein as took the view that the ‘ sum specified’ as per Explanation to Section 269SS of the Act, only applicable for advance receivable, namely, ‘as advance or otherwise’ means advance can be in any manner, and therefore, this provision will not apply to the transaction that happens when the final payment at the time of registration of sale deed and payment takes place before sub-registrar for registration of property. In the present case before us, it is an admitted fact that the assessee received the amount of cash not as advance, but as the final payment in front of the Sub-Registrar at the time of registration for sale of property - we hold that there is no violation of provisions of section 269SS of the Act in the present case in the given facts and circumstances and hence, penalty under section 271D of the Act is not leviable. Grounds raised by the assessee allowed,
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