Section 269SS not applicable when Substantial Sale Consideration of Immovable property is evidenced by registered agreement: ITAT deletes Penalty u/s 271D [Read Order]

Substantial Sale - Sale - Consideration - Consideration of Immovable property Immovable property - ITAT deletes Penalty - ITAT - taxscan

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that Sale transaction evidenced by registered agreement prevents implementation of Section 269SS from curbing black money The assessee sold certain property for Rs.50 Lacs. The consideration of Rs.45 Lacs was received by cheque whereas the balance consideration of Rs.5 Lacs was received in cash….

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