Levy of penalty u/s 271D - Cash transaction in connection with ...

Income Tax

July 7, 2023

Levy of penalty u/s 271D - Cash transaction in connection with violation of section 269SS - reasonable cause - Sale of residential flats to an agriculturist - cash sale consideration is very much reflected in the Registered Sale Deed as executed by the Purchaser - Levy of penalty is discretionary and not automatic - A careful reading of Section 273B encompasses that certain penalties “shall” not be imposed in cases where “reasonable cause” is successfully pleaded. - No penalty - AT

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Levy of penalty u/s 271D - Cash transaction in connection with ...

Income Tax

July 7, 2023

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