TMI Blog2024 (3) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by the assessee to avoid inconvenience to the purchaser. Learned CIT(A), however, did not accept the contention of the assessee, stating that it is only an after thought and self serving. Learned CIT(A) accordingly dismissed the appeal of the assessee vide order dated 25/09/2023, holding that violation of the provisions under section 269SS of the Act shall follow and confirmed the penalty. 4. Aggrieved by the order of learned CIT(A), the assessee is now in appeal before us. Learned AR submitted that the amendment brought out under the provisions of section 269SS of the Act w.e.f. 01/06/2015 which includes the specified sum , and the definition of specified sum as given in Explanation to Section 269SS of the Act shows that it means any s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received in cash at the time of registration of sale deed, also hit by the provisions of Section 269SS of the Act in relation to acceptance of specified transaction of specified sum of money i.e., whether as advance or otherwise, which means even the sale consideration received at the time of registration of sale deed is hit by this provision. Learned DR, however, does not dispute the contents of the sale deed produced by the assessee showing that the cash was paid and received in the presence of the Sub-Registrar. He requested that the order of the learned CIT(A) may be affirmed. 6. We have gone through the record in the light of the submissions made on either side. The relevant word specified sum has been defined under explanation (iv) to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt that the amendment in Explanation to Section 269SS i.e., sum specified means only applicable for advance receivable, whether as advance or otherwise means advance can be in any manner. Hence, this provision will not apply to the transaction that happens at the time of final payment at the time of registration of sale deed and payment is made before sub-registrar at the time of registration of property. In the present case before us, it is an admitted fact that all sale deeds were registered and cash payment was made at one go before the sub- registrar at the time of registration of sale deeds of plots. Hence, in our view, there is no violation of provisions of section 269SS of the Act in the present case in the given facts and circumstan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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