Notice as per section 274 read with section 271D of the Income Tax Act, 1961

This query is : Resolved

SRIKANTA (Querist)
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28 August 2024 On perusal of the said registration deed, it is seen that the Sale consideration of Rs. 17,81,400/- has received in cash from the purchaser as mentioned above. The said receipt of the Sale consideration of the immovable property in cash, is in violation of section 269SS of the Income Tax Act, 1961. Hence, a notice as per section 274 read with section 271D of the Income Tax Act, 1961, is hereby issued to you and you are requested to explain as to why penalty for violation of section 269SS of the Income Tax Act, 1961 shall not be levied on you for accepting the sale consideration in cash i.e. in the mode other than the modes specified in section 269SS of the Income Tax Act, 1961.
Your explanation is required to be submitted.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 August 2024 If you can give any clarification for receipt in cash (like closure of bank on the date or non availability of bank facility in the area etc.), then reply it within the given time period. Otherwise be ready for the penalty.

SRIKANTA

SRIKANTA (Querist)
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28 August 2024 Sir Namaskar Bank ac opened and bank is there in our area so any other replay please suggest

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 August 2024 There are few exemptions to the rule like sell of agricultural land, etc. which you may google it. Or contact any local professional.

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